India-based Essar Group has announced that it has signed a memorandum of understanding with Saudi Arabian solar photovoltaic and smart infrastructure holding company Desert Technologies to develop renewable energy solutions for its Green Steel Arabia (GSA) project Ras Al Khair, Saudi Arabia, as well as potential future green steel production and green energy projects.
“Essar is currently looking at investing about $4.5 billion in setting up an integrated steel plant in Ras Al Khair, Saudi Arabia. This partnership with Desert Technologies will help us to access green energy and carbon-free energy storage solutions,” said Naushad Ansari, country head for Essar Group in Saudi Arabia.
The GSA project, which is scheduled to start production from 2027, will have an annual direct reduced iron (DRI) capacity of five million mt.