Reliance Industries will utilize REC’s capacity which has 3 manufacturing units including one in Singapore and two in Norway for producing solar grade polysilicon PV cells.
Mumbai-based conglomerate giant, Reliance Industries Limited (RIL) acquired REC Solar Holdings AS from China Bluestar on October 10, 2021, for bulk Rs. 5,800 crore.
The latest acquisition by Reliance New Energy Solar Limited (RNESL), a 100 per cent owned subsidiary of RIL is expected to cushion the company to build its combined metallic silicon to PV panel manufacturing giga factory in Jamnagar. The company aims to start the manufacturing factory’s capacity with 4GW per annum and further fuel it to 10 GW over time. The sketched out technology will help the company spur the market growth globally, allowing it to expand in US, Australia, Europe, etc. as confirmed by the company in a statement.
Reliance Industries will utilize REC’s capacity which has 3 manufacturing units including one in Singapore and two in Norway for producing solar grade polysilicon PV (photovoltaics) cells. The conglomerate corporation will also contribute in constructing 2 GW capacity cells in Singapore and a greenfield 2 GW capacity in France along with 1 GW capacity in the US.
Mukesh Ambani, the largest shareholder of RIL informed that the up-to-date acquisition of REC Solar is a part of the conglomerate establishment’s strategy to invest in advanced and new generation technology with the view of achieving 100 GW of clean and green energy before the end of this decade. He further claimed that this step will make the largest contribution by a company to Prime Minister Narendra Modi’s planned target for India to make 450 GW energy by 2030. This step will fuel India to become a leader in transitioning green energy worldwide in order to fight with the climate crisis.
Reliance New Energy Solar also declared its plans to acquire a 40 percent stake in Sterling and Wilson Solar Limited (SWSL) for Rs. 2,845 crore. Ambani shared that Reliance is all geared up to make India a manufacturing hub for solar panels of highest efficiency at lowest cost.
Founded in 1996, Renewable Energy Corporation (REC) is a solar power public limited company based in Singapore. It produces polysilicon, wafers, solar cells and solar modules. The company’s range of solar modules is listed among industry leaders in reliability, efficiency and sustainability. Post the latest acquisition of the establishment by RIL, REC’s 1,300 employees will be working with Reliance to augment RIL’s expansion globally in green markets.
RIL announced its plan to get into solar power production in June 2021. It also declared to establish a platform for renewable energy project finance as a source of long-term capital to invest in these segments. The planned investment in the idea stood at Rs. 75,000 crore over three years. Weeks before Adani Group announced its investment of $20 billion in renewable energy generation, which took place on September 21, 2021, Ambani dropped the curtains on its contribution of $10 billion in hydrogen fuel and clean power generation for a period of three years. He said that hydrogen is possible to extract from renewable energy at $1 per kilogram.