The Union cabinet today approved signing of a Memorandum of Understanding (MoU) between the Ministry of New and Renewable Energy (MNRE) and the Ministry of Energy of the Kingdom of Saudi Arabia for cooperation in the field of Renewable Energy.
The MoU aims at setting up a framework for cooperation between the two parties in the fields of solar, wind, biogas and geothermal energy.
It also aims at the development and localization of renewable energy value chain and developing and boosting uses of solar energy-based small applications for commercial and residential buildings.
The government has planned to invest Rs 4 lakh crore over three years to meet its 175 Gigawatt (GW) renewable energy target by 2022. That includes 100 GW energy from solar, 60 GW from wind, 10 GW from biomass and 5 GW from small hydropower plants.
