Essar Group is going ahead with plans to develop a $ 4.5 billion integrated Green Steel plant in Saudi Arabia. In a statement issued on Monday, Essar said it has forged a long term partnership with Saudi Arabia’s Desert Technologies (DT), a solar photovoltaic (PV) company. The two will develop solutions for renewable energy generation and storage for Essar’s Flat Steel Complex in Saudi Arabia, which is the first green steel project in the Gulf Cooperation Council (GCC) region.
Renewable energy solutions for Essar’s Green Steel Arabia (GSA) project in Saudi Arabia will project will put Saudi Arabia on the map for green steel production and green energy generation, the company statement added.
The project aims to start production from 2027. Once complete, it will cater to major steel consuming industries such as construction, oil and gas, automotive, packaging, and general engineering.
According to Naushad Ansari, Country Head for Essar Group in Saudi Arabia, this partnership with Desert Technologies is for access to green and carbon free energy storage solutions. Khaled Sharbatly, the Chief Executive Officer of DT Investments said that price competitivity and low Carbon footprint solutions will further boost the growing low CO2 emission steel industry.