ReNew Energy Secures $100 Million to Boost India's Solar Manufacturing

ReNew Energy Global Plc has obtained a $100 million investment from British International Investment to enhance its solar manufacturing business in India. This investment marks BII's first foray into India's solar manufacturing sector and aligns with India's renewable energy goals, creating thousands of jobs and reducing import reliance.

ReNew Energy Global Plc announced on Tuesday that it has received a significant $100 million investment from British International Investment (BII) to accelerate its solar manufacturing operations in India. The investment is part of a strategic effort to expand the company's green energy footprint in one of the world's most dynamic markets.

The funds will be directed to ReNew Photovoltaics Private Limited, the company's solar manufacturing subsidiary. This venture marks BII's inaugural investment in India's solar sector, aligning with its vision to support sustainable and resilient renewable energy supply chains.

The expansion plan includes constructing a new 4 GW TOPCon cell facility in Dholera, Gujarat, expected to boost ReNew's manufacturing capacity and create over 2,000 jobs. The initiative supports India's government targets for renewable energy and the Make in India programme, illustrating the growing UK-India partnership in clean energy.

(With inputs from agencies.)