Reliance New Energy Solar, a subsidiary of Reliance Industries (RIL), has acquired REC Solar from China Bluestar for an enterprise value of $772 million.
Reliance New Energy Solar aims to set up its integrated metallic silicon to PV panel manufacturing giga factory in Jamnagar, starting with 4 GW per annum capacity and eventually taking it to 10 GW. The technology will then be used to replicate such complexes globally in markets such as the US, Europe and Australia.
REC Solar has an employee-base of 1,300. REC Solar has three manufacturing facilities – two in Norway for making solar grade polysilicon and one in Singapore for producing PV cells and modules.
RIL will have a ready access to REC’s existing capacities and support setting up under-construction 2 GW capacity of cells and modules in Singapore. It will also set up a greenfield capacity of 2GW in France and another 1 GW capacity in the US.
On June 24, 2021, RIL chairman Mukesh Ambani had announced an investment of Rs 75,000 crore to set up four clean energy giga factories and supply chain facilities to meet India’s potential demand in solar modules and cells, battery storage, electrolysers for green hydrogen and fuel cell batteries.