Reliance arm RNSEL acquires REC Solar Holdings for $771 million

Reliance New Energy Solar Limited (RNESL), a unit of Reliance Industries, has announced the takeover of REC Solar Assets AS (REC Group) for a total enterprise value of USD 771 million from China National Bluestar Group Co. Ltd.

The acquisition is pivotal to RIL's new energy ambition to become a worldwide player in photovoltaic (PV) manufacturing with access to heterojunction technology (HJT).

This move also brings the company closer to its aim of producing or encouraging the production of 100GW of solar energy by 2030, in line with India's target of having 450GW of renewable energy by the same year.

RIL looks to utilize REC Solar's industry-leading technology in its silicon-to-PV-panel Gigafactory in the Jamnagar-based Dhirubhai Ambani Green Energy Giga Complex, which will start with a capacity of 4GW per year and develop to a 10GW per annum volume over time.

REC Solar has a 5,000-Megawatt capacity in India. Its solar panels have been based on thorough testing by third parties in the country, with an average degradation of 0.68 per cent in 3.8 years.

According to REC's website, their roof-mounted panels are capable to serve at least 25 years.

With a temperature coefficient of 0.26% per degree Celsius, its Alpha series is the best option for high temperatures.

Apparently, earlier in August this year, Reliance New Energy Solar invested in a technology that can be well-suited for Indian Climate. The investment was reported around $144 million in Ambri with Paulson & Co., Bill Gates and other investors.

As per sources, RIL will add two divisions to collaborate with renewable plants worldwide and to finance stakeholders in the ecosystem. The company also aims to become carbon-zero neutral by 2035.

Other companies in the energy market are also ramping up their efforts to generate clean-power. In September 2021, Adani Group announced that it will pump $20 billion in renewable-energy production.

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