Partnership marks BII’s first venture into India’s solar manufacturing sector.
Supports the expansion of a resilient and self-reliant renewable energy supply chain in India.
Aligns with the Government of India’s 500 GW renewable energy capacity target by 2030.
ReNew Energy Global Plc (“ReNew”), a leading decarbonisation solutions company, has secured a $100 million (INR 8700 million) investment from BII to accelerate the growth of its solar manufacturing business in India. The investment will be made in ReNew Photovoltaics Private Limited (“ReNew Photovoltaics” or “Company”), ReNew’s dedicated solar manufacturing subsidiary in India.
This marks BII’s first 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.
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. Post expansion, ReNew’s total manufacturing capacity will be approximately 6.4 GW of modules and 6.4 GW of cells. The expansion is expected to create over 2,000 new jobs and boost domestic production of high-efficiency solar components. This reduces India’s reliance on imports and aligns with the Government of India’s 500 GW renewable energy capacity target by 2030 as well as the Make in India initiative.
The partnership between BII and ReNew aligns with both organisations’ commitment to advancing India’s renewable energy landscape and contributing to global climate change mitigation efforts.
Sumant Sinha, Founder, Chairman & CEO, 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, MD and Head of India, 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. 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.”
The investment will see BII acquire a minority stake in ReNew Photovoltaics. The transaction is subject to customary approvals from lenders and regulatory authorities.
