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Reliance New Energy Solar Acquires REC Solar Holdings

Reliance New Energy Solar Ltd. (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has announced the acquisition of 100% shareholding of REC Solar Holdings AS (REC Group), from China National Bluestar (Group) Co Ltd., for an Enterprise Value of USD 771 million.

REC is headquartered in Norway and is one of the World’s leading solar cells / panels and polysilicon manufacturing company.

Reliance’s Strategic Acquisition of REC Solar Holdings

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With REC’s acquisition, Reliance will implement REC’s leading technology in its fully integrated, metallic Silicon-to-PV Panel manufacturing Giga factory to be set up at Dhirubhai Ambani Green Energy Giga Complex, Jamnagar. The facility shall be initially starting with a 4 GW per annum capacity, and eventually grow to 10 GW per annum.

The acquisition of REC Solar by Reliance New Energy Solar Ltd (RNESL) is in line with the announcement made by Mr. Mukesh Ambani, Chairman of Reliance Industries Limited about its plan to invest $10.1 billion in clean energy over three years at RIL’s AGM held in June 2021.

The acquisition of REC will also offer Reliance with a ready global platform and the opportunity to expand and grow in green energy markets globally, including in the US, Europe, Australia and Asia.

Also, this move will bring Reliance closer to achieving its goal of enabling 100 GW clean and green energy before the end of this decade and shall support by contributing to India’s target to produce 450 GW renewable energy by 2030.

Expressing on the acquisition, Mr. Mukesh Ambani, Chairman of Reliance Industries Limited said “…Reliance is now ready to set up a global scale integrated Photo-voltaic Giga factory and make India a manufacturing hub for lowest cost and highest efficiency solar panels…” as mentioned in the press release of company dated 10th October 2021.

About REC Solar Holdings AS: REC is a 25-year-old company, headquartered in Norway. It is an international solar energy company leading the industry through its technological innovations and long-life solar cells and panels. It has its operational headquarters in Singapore and regional hubs in North America, Australia, Europe, and Asia-Pacific.

REC has three manufacturing facilities – two in Norway for making solar-grade polysilicon and one in Singapore making PV cells and modules.