Reliance Industry’s renewable energy arm RNESL acquires 100% stake in REC Solar Holdings for $771 million

“Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has announced the acquisition of 100 percent shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd., for an Enterprise Value of USD 771 million,” Reliance New Energy Solar said in a BSE filing.

This acquisition will enable Reliance to move closer to achieve the goal of generating 100GW of solar energy by 2030, and in turn, support the country’s global goal to produce 450GW of renewable energy by 2030.

REC Group has three manufacturing facilities, two in Norway for making solar-grade polysilicon and one in Singapore making PV cells and modules. With this acquisition, RNESL will become the owner of REL’s three manufacturing facilities. REC Solar has 5,000 MW of installed capacity in the Indian subcontinent and its solar panels have been subject to rigorous testing in India by third parties, and the panels clocked an average of 0.68% degradation in 3.8 years.