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ReNew Energy Global Plc has announced an investment of Rs 870 crore from British International Investment (BII), aimed at accelerating the growth of ReNew's solar manufacturing operations in India.
The investment will be directed into ReNew Photovoltaics Private Limited, ReNew's dedicated solar manufacturing subsidiary. BII will acquire a minority stake in this subsidiary, marking its first-ever investment in solar manufacturing in India.
ReNew Photovoltaics operates a 6.4 GW solar PV module facility and a 2.5 GW solar cell facility located in Jaipur, Rajasthan, and Dholera, Gujarat. The new investment will primarily be utilized to expand the company's manufacturing capacity through the construction of a new 4 GW TOPCon cell facility in Dholera, Gujarat. Post-expansion, ReNew's total manufacturing capacity will be approximately 6.4 GW of modules and 6.4 GW of cells.
This expansion is expected to create over 2,000 new jobs and boost domestic production of high-efficiency solar components, reducing India's reliance on imports. It aligns with the Government of India's target of achieving 500 GW of renewable energy capacity by 2030 and supports the Make in India initiative.
ReNew Photovoltaics' facilities, with an annual output of 4.0 to 4.5 GW of modules, will primarily serve ReNew's internal consumption. Surplus capacity is targeted for third-party sales. To date, the facilities have supplied 900 MW to third parties, with additional orders of approximately 1.5 GW, reflecting strong market traction.
"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 indigenizing the solar supply chain with a supportive regulatory and policy environment," said Sumant Sinha, Founder, Chairman & CEO of ReNew.
"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," said Sally Taylor, Minister Counsellor, Climate, Science and Tech at the British High Commission.
On April 16, BII's Asia Head Srini Nagarajan told Moneycontrol in an exclusive interview, "India is very important for us and comprises around 20-22 percent of our balance sheet size and going ahead, you will find a lot more investments happening in climate and infrastructure, in different forms, debt, equity or mezzanine."
