Saudi solar PV and smart infrastructure holding company Desert Technologies (DT) and Indian multinational conglomerate Essar Group have signed a Memorandum of Understanding (MOU) to develop renewable energy solutions for Essar’s $4.5 billion Green Steel Arabia (GSA) project in the Kingdom.

The MOU was executed between Desert Technologies and Essar Group on the sidelines of the G20 summit in New Delhi on Monday.

DT and Essar will develop solutions for renewable energy generation and storage for Essar’s Flat Steel Complex in the KSA which is the first green steel project in the GCC region and will also explore opportunities for other potential projects, a press statement posted on Essar Group website said.

Earlier this month, Brazilian mining giant Vale International had signed a Letter of Intent with Essar Group to supply iron ore agglomerates for the green steel project.

The project includes direct reduced iron (DRI) capacity of 5.0 million tonnes per annum (mtpa), comprising of two modules of 2.50 mtpa each, and 4.0 mtpa hot strip capacity, as well as 1.0 million tonnes of cold rolling capacity along with galvanising and tin plate lines.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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