Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), acquired “100% shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd for an enterprise value of $771 million,” the firm said in a statement.
The acquisition will help the Indian giant expand in green energy markets globally, including the US, Europe, Australia and elsewhere in Asia.
REC is renowned for its high-efficiency solar cells and panelsREC makes solar grade polysilicon and solar panel and modules at facilities in Norway and Singapore. The company has more than 1300 employees globally. Reliance will use REC’s technology to manufacture metallic silicon and solar panels.
Reliance is targeting to generate 100 GW of renewable energy by the end of the decade, which will make up to nearly a quarter of the 450 GW target set by Indian Prime Minister Narendra Modi.
The statement by the company added that its recent venture will help them explore opportunities in key green energy markets in the United States, Europe, Australia and Asia. “It (buying REC Solar) will enable India to become a world leader in green energy transition to overcome the climate crisis,” Ambani said in the statement.