ReNew Energy Secures Rs 870 Crore Investment to Expand Solar Manufacturing in India

ReNew Energy Global Plc has secured Rs 870 crore from British International Investment to boost its solar manufacturing capabilities in India. The investment will fund a new 4 GW cell facility aimed at reducing reliance on imports, supporting India's renewable energy goals, and creating over 2,000 jobs.

ReNew Energy Global Plc announced a significant boost to its solar manufacturing business in India, securing an Rs 870 crore (approximately USD 100 million) investment from UK-based British International Investment (BII). The funds will be allocated to ReNew Photovoltaics Private Limited, the company's solar manufacturing subsidiary.

The deal marks BII's first investment in Indian solar manufacturing, signaling its dedication to creating a sustainable, self-reliant renewable energy supply chain in India. The investment involves BII acquiring a minority stake in ReNew Photovoltaics, pending customary approvals. It aims to expand the company's manufacturing capacity, primarily through a new 4 GW TOPCon cell facility in Dholera, Gujarat, enhancing total capacity to 6.4 GW each for modules and cells.

This strategic expansion will generate over 2,000 new jobs and bolster domestic solar component production, reducing India's import dependencies and aligning with its renewable energy targets. ReNew's Founder, Chairman, and CEO Sumant Sinha emphasized the partnership's role in advancing ReNew's mission to deliver high-quality products and secure the solar supply chain amid India's supportive regulatory environment.

(With inputs from agencies.)