New Delhi: British International Investment (BII) has invested $100 million in the solar module and cell manufacturing subsidiary of Nasdaq-listed ReNew Vitality World Plc.
The UK authorities entity will purchase a ten% stake in ReNew Photovoltaics Ltd, valuing the subsidiary at $1 billion, in response to a submitting with the Securities and Alternate Fee.
The funding will probably be deployed in direction of including 4 gigawatts of solar module and cell manufacturing capability. ReNew has 6.4 GW of module capability and a couple of.5 GW of cell capability. The cumulative capability of ReNew will probably be about 13 GW following the capability addition.
BII not too long ago bought its stake in Nationwide Investment and Infrastructure Fund-backed Ayana Renewable Energy Pvt Ltd to ONGC NTPC Inexperienced Personal Ltd in a ₹6,600 crore fairness deal. Ayana manages a 4.1 GW renewable vitality portfolio throughout Indian states and delivers solar, wind, hybrid, storage and round the clock renewable options.
ReNew stated in an announcement on 6 Might that that is BII’s first funding in solar manufacturing in India.
“This partnership underscores our dedication to delivering top quality, top-tier merchandise,” stated Sumant Sinha, founder and chairman of ReNew. “Venturing into manufacturing was a strategic determination aimed toward securing our provide chain, significantly as India advances its goal of indigenising the solar provide chain… our purpose was to associate with a like-minded, long-term associate in the manufacturing sector.”
Sally Taylor, minister counsellor for local weather, science and tech on the British Excessive Fee, stated the funding in ReNew’s subsidiary will diversify the provision of panels and construct the robust partnership between the UK and India on clear vitality.
“The UK Authorities is urgent forward with our personal clear vitality transition, the place the non-public sector is taking part in a key position, and we’re eager to work with India and different international locations exhibiting home and worldwide management on tackling local weather change,” Taylor stated.
Increasing cell output
Shilpa Kumar, MD and head of India at BII famous that enhancing India’s capability in solar manufacturing is not going to solely increase clear vitality era but additionally cut back the nation’s dependency on imports, promote sustainable industrialisation and create jobs.
“It underscores BII’s unwavering dedication to creating investments that drive sustainable growth and local weather resilience in India,” BII’s India head stated.
Established in 2021, ReNew Photovoltaics operates a 6.4 GW solar PV module facility in Jaipur and a 2.5 GW solar cell facility in Dholera, Gujarat. BII’s funding will probably be primarily utilised to assemble a 4 GW cell facility in Dholera. The enlargement is anticipated to create over 2,000 jobs, the corporate stated in the assertion.
ReNew Photovoltaics’ prospects embody state-run NTPC and Shakti Pumps.
In an interview to Mint in September 2024, Sinha stated ReNew Vitality World is monetising its solar elements manufacturing business and should method non-public fairness corporations to boost funds.
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