India's multinational conglomerate Essar Group has entered into a long-term partnership with Desert Technologies (DT), the companies announced on Monday, September 11. The parties signed a memorandum of understanding (MoU) on September 11 to develop solutions and storage for Essar Group’s Green Steel Arabia (GSA) project in the Kingdom of Saudi Arabia (KSA).

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This project, along with upcoming projects, will put Saudi Arabia on the map as a pioneering country in green steel production and green energy generation, as per the press release.

“Desert Technologies's MoU with Essar signifies our long-term commitment to meet the growing demand for renewable energy solutions; especially in the KSA. Its solutions in renewable energy sector, price competitiveness and low carbon footprint solutions will further boost the growing low CO2 emission steel industry," CEO of DT Investments, Khaled Sharbatly said.

Naushad Ansari, Country Head for Essar Group in KSA, said, “Essar is currently looking at investing about USD 4.5 billion in setting up an integrated steel plant in Ras Al Khair, Saudi Arabia. This partnership with Desert Technologies will help us access green energy and carbon free energy storage solutions; thereby strengthening our commitment towards low carbon footprint."

The Essar project is set to be the region’s first green steel project. In line with the targets set for Vision 2030 by Saudi Arabia, the facility will cater to all major steel consuming industries, including construction, oil and gas, automotive and others.

Desert Technologies is an independent solar PV and smart infrastructure holding company based in Saudi Arabia. As of now, the company operates in more than 25 countries as a PV developer, EPC and O&M contractor, and PV solar panel manufacturer, among others.

Also Read:PM Modi, Saudi Crown Prince discuss ways to unlock potential of India-Saudi Arabia Strategic Partnership

(Edited by : Shoma Bhattacharjee)