UK's BII Invests USD 100 Mn In Solar Energy Manufacturing Business

(MENAFN- KNN India) New Delhi, May 7 (KNN) ReNew Energy Global Plc, headquartered in Gurgaon, has secured funding of USD 100 million from British International Investment (BII), the UK's development finance institution and impact investor. The investment will support the expansion of ReNew's solar manufacturing operations in India.

This transaction represents BII's first investment in India's solar manufacturing sector and highlights its dedication to developing a resilient, self-sufficient renewable energy supply chain in one of the world's fastest-growing clean energy markets.

As part of the deal, BII will acquire a minority stake in ReNew Photovoltaics Private Limited, the solar manufacturing subsidiary of ReNew, though specific stake details were not disclosed.

ReNew Photovoltaics, established in 2021, currently operates a 6.4 GW solar PV module facility and a 2.5 GW solar cell facility located in Jaipur, Rajasthan, and Dholera, Gujarat.

The new funding will primarily finance business growth and manufacturing capacity expansion through the construction of a new 4 GW TOPCon cell facility in Dholera, Gujarat.

Following the expansion, ReNew's total manufacturing capacity will reach approximately 6.4 GW for both modules and cells.

With an annual production output of 4.0–4.5 GW of modules, ReNew Photovoltaics will mainly serve ReNew's internal requirements, with excess capacity allocated for third-party sales.

Sumant Sinha, Founder, ReNew, explained the strategic rationale behind entering manufacturing: "Venturing into manufacturing was a strategic decision aimed at securing our supply chain, particularly as India advances its objective of indigenising the solar supply chain with a supportive regulatory and policy environment. Beyond ensuring supply stability, our goal was to partner with a like-minded, long-term partner in manufacturing."

Sally Taylor, Minister Counsellor for climate, science and technology, British High Commission, commented on the significance of the investment: "This investment in ReNew's solar manufacturing arm is a positive development that will diversify the supply of panels and further build the strong partnership between the UK and India on clean energy."

(KNN Bureau)

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