In a $771 million deal, Reliance Industries acquires REC Solar

Reliance plans on using REC’s technology in its giga factory that will manufacture PV panels with an initial capacity of 4 GW and eventually reaching 10 GW.

On Sunday, Reliance Industries Ltd announced the acquisition of REC Solar Holdings from China National Bluestar (Group) Co Ltd for an enterprise value of $771 million. RIL announced in June that it will invest $10.1 billion in clean energy over three years.

RIL acquired the Norwegian solar panel maker through its subsidiary, Reliance New Energy Solar Ltd (RNESL). The company plans on using REC’s technology in its giga factory that will manufacture PV panels with an initial capacity of 4 GW and eventually reaching 10 GW.

Earlier, RIL has announced its plans to build four “giga factories” to produce solar cells, energy storage batteries, fuel cells, and green hydrogen in India. 

In addition, the company also plans to build solar capacity totaling more than 100 gigawatts (GW) by 2030, accounting for about a fifth of India’s goal to install 450 GW by 2030. 

Mukesh Ambani, CMD Reliance Industries said in the statement that the company is ready to build a global scale integrated Photovoltaic Giga factory, paving the way for India to become a leader in manufacturing of low cost and high efficiency solar panels.

Reliance Energy said the acquisition would assist it in expanding in key green energy markets around the world, including the United States, Europe, Australia and elsewhere in Asia, as well as supporting REC’s expansion plans in Singapore, France and the United States.

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