ReNew to Build 4 GW Solar Cell Facility with BII Support

ReNew Energy Global Plc, a leading decarbonisation solutions company, has announced a $100 million (INR 8700 million) investment from British International Investment (BII), the UK’s development finance institution and impact investor, to expand its solar manufacturing operations in India.

The investment will be made in ReNew’s solar manufacturing subsidiary, ReNew Photovoltaics Private Limited, marking BII’s first investment in India’s solar manufacturing sector. The transaction is subject to customary lender and regulatory approvals. This move underscores a commitment to building a resilient and self-sufficient renewable energy supply chain in one of the fastest-growing clean energy markets globally.

ReNew Photovoltaics, established in 2021, operates a 6.4 GW solar PV module facility and a 2.5 GW solar cell facility in Jaipur, Rajasthan and Dholera, Gujarat. The new funding will go towards building a 4 GW TOPCon cell facility in Dholera. Once completed, ReNew’s total solar manufacturing capacity will reach 6.4 GW each of modules and cells.

The project is expected to create over 2,000 jobs and significantly boost domestic production of high-efficiency solar components. This aligns with the Government of India’s target of 500 GW of renewable energy capacity by 2030 and supports the Make in India initiative.

With an annual output of 4.0 to 4.5 GW of modules, ReNew Photovoltaics will primarily serve ReNew’s internal project needs, with excess capacity offered to third parties. To date, 900 MW has already been supplied externally, with an additional 1.5 GW in orders. Existing partnerships with companies like NTPC and Shakti Pumps highlight the market’s trust in the company’s product quality and reliability.

Sumant Sinha, Founder, Chairman & CEO of ReNew, said, “We are delighted to have BII as an investor in our solar manufacturing business. This partnership underscores our commitment to delivering high quality, top-tier products while making strategic investments that drive sustainable growth and create long-term shareholder value. 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 the manufacturing sector. Backward integration into the module supply chain further reinforces ReNew’s position as a leader in building a resilient, sustainable, and globally competitive clean energy platform.”

Sally Taylor, Minister Counsellor, Climate, Science and Tech, British High Commission, said, “This investment in ReNew’s solar manufacturing arm is a positive development that will diversify the supply of panels and further builds the strong partnership between the UK and India on clean energy. The UK Government is pressing ahead with our own clean energy transition, where the private sector is playing a key role, and we are keen to work with India and other countries showing domestic and international leadership on tackling climate change to protect our planet.”

Shilpa Kumar, Managing Director and Head of India at BII, said, “We’re excited to partner with ReNew on our first venture into solar manufacturing in India. This investment is crucial for building and strengthening the renewable energy supply chain in India. Enhancing India’s capacity in solar manufacturing will not only boost clean energy generation but also reduce the country’s dependency on imports, promote sustainable industrialisation and create new jobs. It reinforces BII’s unwavering commitment to making investments that drive sustainable development and climate resilience in India.”

This strategic partnership between ReNew and BII represents a significant step in bolstering India’s solar manufacturing capabilities and advancing the global clean energy transition.