ReNew Energy Global Plc has secured a $100 million investment from British International Investment (BII) to expand its solar cell production capacity in India. This marks BII’s first foray into the country’s solar manufacturing sector, highlighting the growing importance of India’s clean energy infrastructure.
The investment will support ReNew’s subsidiary, ReNew Photovoltaics Private Limited, in establishing a state-of-the-art 4 GW TOPCon solar cell facility in Dholera, Gujarat. This expansion brings ReNew’s total solar manufacturing capacity to 6.4 GW, reinforcing its position as a leader in sustainable energy solutions.
Sumant Sinha, Founder, Chairman, and CEO of ReNew, emphasized, “Backward integration into the module supply chain strengthens ReNew’s position as a leader in sustainable and globally competitive clean energy solutions. This partnership with BII affirms our focus on delivering top-tier solar products while reinforcing our commitment to a secure and self-reliant supply chain.”
The new 4 GW facility will play a pivotal role in advancing India’s renewable energy goals, contributing to the nation’s target of 500 GW of renewable energy capacity by 2030. It will also help reduce India’s dependence on imported solar components, aligning with the government’s “Make in India” initiative. The plant is expected to create over 2,000 new jobs in Gujarat, boosting local economic development.
Shilpa Kumar, Managing Director and Head of India at BII, highlighted the strategic significance of the investment, stating, “This investment will play a critical role in enhancing domestic manufacturing, promoting sustainable industrialisation, and reducing India’s import dependency. It reflects BII’s dedication to supporting climate-resilient growth and job creation in India.”
As part of the agreement, BII will acquire a minority stake in ReNew Photovoltaics, subject to regulatory and lender approvals. This deal not only strengthens the India-UK clean energy collaboration but also positions ReNew as a key player in building a resilient and scalable solar supply chain, both for India and the global market.
Sally Taylor, Minister Counsellor for Climate, Science and Technology at the British High Commission, further added, “It will diversify the solar panel supply chain and deepen our partnership in addressing global climate challenges.”
This significant partnership aligns with India’s push towards energy independence and sustainability, marking a major step forward in the country’s clean energy journey.
