Reliance New Energy Solar announces acquisition of REC Solar Holdings for $771 million

In a major acquisition, Reliance New Energy on Sunday said that it has acquired 100% shareholding of REC Solar Holdings for $771 million from China National Bluestar (Group) Co Ltd. The latest development is part of Reliance Industries Ltd's goal to become net carbon zero by 2035.

Reliance New Energy Star, in a BSE filing, informed, "Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has announced the acquisition of 100 per cent shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd., for an Enterprise Value of USD 771 million." Reliance said that the acquisition of REC Solar Holding will help it to set up a global-scale integrated Photovoltaic Giga factory to make India a manufacturing hub for low cost and highest efficacy solar panels.

"Together with our other recent investments, Reliance is now ready to set up a global scale integrated Photovoltaic Giga factory and make India a manufacturing hub for lowest cost and highest efficiency solar panels," the company said in a statement.

About REC group

Founded in 1996, the REC group is headquartered in Norway. The firm defines itself as an international pioneering solar energy company "dedicated to empowering consumers with clean, affordable solar power. As Solar’s Most Trusted, REC is committed to high quality, innovation, and a low carbon footprint in the solar materials and solar panels it manufactures."

REC, in a statement, said, "With Reliance’s financial strength and commitment to solar, REC will grow to over 5 GW of capacity within the next 2 to 3 years in Singapore, Europe and USA. In India, Reliance plans to use this industry-leading technology in their fully integrated, metallic Silicon to PV Panel manufacturing giga factory at Dhirubhai Ambani Green Energy Giga Complex, Jamnagar initially starting with 4 GW per annum capacity and eventually growing to 10 GW per annum."

"The combination of high-efficiency solar panels and economies of scale will allow consumers in more markets around the globe to access REC’s premium solar panels and benefit from highly competitive electricity costs per kWh while actively reducing carbon emissions," it added.

Image: PTI