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ReNew raises $100 mn from BII to expand solar cell output in Gujarat
Gurgaon-based ReNew Energy Global Plc announced that it has secured funding of $100 million (Rs 870 crore) from British International Investment (BII), the UK's development finance institution and impact investor. The company said the investment is aimed at building its solar manufacturing business in India.
'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.'
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