&w=3840&q=100)
ReNew raises $100 mn from BII to expand solar cell output in Gujarat
'This marks BII's first-ever investment in solar manufacturing in India and underscores its commitment to building a resilient, self-reliant renewable energy supply chain in one of the world's fastest-growing clean energy markets,' the two companies said in a joint statement.
With this investment, BII will pick up a minority stake in ReNew Photovoltaics Private Limited, the solar manufacturing subsidiary of ReNew. The companies did not reveal the stake value.
Established in 2021, ReNew Photovoltaics comprises an operational 6.4 GW solar PV module facility and a 2.5 GW solar cell facility, located in Jaipur, Rajasthan, and Dholera, Gujarat. BII's investment will be primarily utilised to grow the business and expand the company's manufacturing capacity through the construction of a new state-of-the-art 4 GW TOPCon cell facility in Dholera, Gujarat, the statement said.
Post-expansion, ReNew's total manufacturing capacity will be approximately 6.4 GW of modules and 6.4 GW of cells. With an annual output of 4.0–4.5 GW of modules, ReNew Photovoltaics' facilities will primarily serve ReNew's internal consumption, with surplus capacity targeted for third-party sales.
Sumant Sinha, founder, chairman and chief executive officer, ReNew, said: '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 manufacturing.'
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 build the strong partnership between the UK and India on clean energy.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
22 minutes ago
- Business Standard
ICICI Bank raises CSR allocation to Rs 801 cr in FY25, up from Rs 519 cr
ICICI Bank has increased its allocation to corporate social responsibility (CSR) to Rs 801 crore in FY25 from Rs 519 crore in FY24, according to its ESG report for FY25. Through the ICICI Foundation for Inclusive Growth, the bank remained focused on initiatives that contributed positively to society. In collaboration with multiple partners, the bank supported programmes centred on healthcare, skill development, rural livelihoods and community development. 'The bank is embedded into its core business strategy and operations. Aligned with its commitment to drive sustainable development, we have established a robust environmental, social and governance structure,' the bank said in the report. The bank said that to achieve carbon neutrality in scope 1 and scope 2 emissions by 2032, it has undertaken measures such as renewable energy adoption and the purchase of international renewable energy certificates of 11,000 MWh. On the social front, the outreach programme focused on education, skill development, livelihood generation and healthcare infrastructure. 'We shall continue to accelerate our efforts to drive sustainable, all-encompassing progress for our shareholders going forward,' said Pradeep Kumar Sinha, chairman, ICICI Bank. The private lender has seven committees for regular oversight. It has also introduced a digital tool for ESG data management, emissions calculation and monitoring of targets. In FY25, several initiatives were undertaken to support farmers and boost agricultural productivity across multiple states. Case studies relating to these have been included in the report. The bank spent Rs 1.41 billion on value chain development and skill training programmes in FY25 to support food security and end hunger.
India.com
22 minutes ago
- India.com
Anil Ambani's companies gets BIG boost, Reliance Infra, Reliance Power shares climb by…, in 2 days due to…
Shares of Anil Ambani's companies have been rising for a few days. Reliance Infrastructure and Reliance Power shares surged over 10% in just two trading sessions. Anil Ambani has faced years of financial struggles with most of his companies under stress. However, the recent gains are after getting new projects that have revived investor confidence. On the BSE, Reliance Infrastructure's stock rose 4.98% to Rs 288.60, while Reliance Power climbed 5% to Rs 47.70 over the past two days. Why Is Reliance Infrastructure Share Surging? Reliance Infrastructure received a Letter of Award from state-run NHPC for a major 390 MW solar power project with integrated battery storage. The battery system will have a storage capacity of 780 MWh. Once completed, Reliance Group will have the ability to generate 700 MWp of solar power and store 780 MWh of electricity, significantly boosting its clean energy portfolio. The company's 52-week high is Rs 425. Also Read: Big win for Anil Ambani, order classifying loan account as 'fraudulent' withdrawn by…, court disposes of… Why Reliance Power Share Price Climbed? Reliance Power already has a capacity of around 2.5 GW of solar power and 2.5 GWh of battery storage. It has now established a new company in Bhutan named GDL – Reliance Solar Pte Ltd (GRSPL). This venture is a subsidiary of Reliance Power and has been incorporated in Bhutan's Special Administrative Region (SAR) called Gelephu Mindfulness City. Also Read: Big relief to Anil Ambani in Rs 920000000 case, NCLAT stays insolvency proceedings against…, after full payment to… Stories Highlights Anil Ambani Company share price surge Reliance Infra receives Project from NHPC Reliance Infrastructure share price high Reliance Power share price climb The entity is a joint venture (JV) between Green Digital Pvt Ltd (a Bhutan government company) and Reliance Enterprises Pvt Ltd (REPL). Reliance Power's 52-week high is Rs 76.49.
&w=3840&q=100)
Business Standard
22 minutes ago
- Business Standard
RBI to conduct overnight VRR auction to infuse Rs 50,000 cr amid GST flows
The Reserve Bank of India (RBI) plans to conduct an overnight variable rate repo (VRR) auction to infuse Rs 50,000 crore into the banking system. Market participants said the move is aimed at easing liquidity tightness amid tax payments. 'They (RBI) want to avoid tightness amid GST outflows. The VRRR amount is maturing on Friday, while GST payments ended today (Wednesday), so they want to avoid a liquidity crunch for a day,' said Gaura Sen Gupta, chief economist, IDFC FIRST Bank. Net liquidity in the banking system was in a surplus of Rs 2.98 trillion on Tuesday, according to the latest RBI data. The RBI had conducted two variable rate repo auctions in July when overnight rates were trading near the marginal standing facility (MSF) rate. The weighted average call rate (WACR), the operating target of monetary policy, settled at 5.47 per cent on Wednesday, against 5.43 per cent in the previous session. The RBI had received bids worth Rs 1.82 trillion against the notified amount of Rs 2 trillion at its eight-day variable rate reverse repo (VRRR) auction on August 14, as banks rolled over the maturing amount from earlier VRRR auctions conducted on August 8 and August 11. The central bank had accepted the bids at a cut-off rate of 5.49 per cent. The RBI's VRRR operations are intended to absorb surplus liquidity from the financial system and anchor short-term money market rates closer to the policy repo rate. The MSF rate, set 25 basis points (bps) above the policy repo rate, is the ceiling of the liquidity adjustment facility corridor. The standing deposit facility (SDF), which is 25 bps below the repo rate, is the floor. The policy repo rate is currently at 5.5 per cent.
