ReNew Energy Secures Major Investment Boost for Solar Manufacturing

ReNew Energy Global Plc has received an investment of Rs 870 crore (USD 100 million) from British International Investment to expand its solar manufacturing unit in India. This move aims to enhance the company's production capabilities and support India's renewable energy goals.

ReNew Energy Global Plc announced a significant financial boost on Tuesday, securing Rs 870 crore (approximately USD 100 million) from British International Investment (BII) to expedite the growth of its solar manufacturing operations in India.

Focused on ReNew Photovoltaics, the company's solar manufacturing arm, this marks BII's inaugural investment in India's solar manufacturing sector and highlights its dedication to fostering a sustainable renewable energy supply chain.

With plans for capacity expansion, the investment aligns with India's broader renewable energy objectives and is poised to create over 2,000 jobs, enhance domestic solar component production, and reduce dependency on imports.

(With inputs from agencies.)