In a $711 million deal, Reliance Industries buys the Norwegian solar panel giant REC

Reliance Industries, an Indian conglomerate, is increasing its green energy goals with the $771 million purchase of REC Solar Holdings, a Norwegian solar panel producer, as part of its goal of 100 gigawatts of sustainable energy by 2030. Over the weekend, Reliance announced that it has reached an agreement with China National Bluestar to buy a 100 percent stake in REC.

Reliance chairperson Mukesh Ambani stated, “It is in alignment with our overall of investing in advanced and new technologies and operating capabilities intended to accomplish Reliance’s objective of delivering 100GW clean and green energy by the end of this decade.” “This will be the single-largest contribution by a single enterprise to Hon Prime Minister Shri Narendra Modi’s aim of 450 GW of renewable energy production by 2030.” It will help India to be a global leader in the transition to green energy.”

The company’s main offices are in Norway, but it has operating headquarters in Singapore and regional hubs in Australia, North America, Europe, and the Asia Pacific. Reliance further stated that REC’s over 1300 worldwide employees would be kept after the acquisition was completed. According to Reliance, REC was the first business to create half-cut passivated emitter and rear cell (PERC) technology, that is now used by all major solar panel manufacturers.

REC owns 3 manufacturing facilities: two in Norway for solar-grade polysilicon and another in Singapore for photovoltaic cells and modules, as well as 600 utility and design patents, with 446 of them issued. REC’s “industry-leading technology” will be employed at Reliance’s proposed integrated giga-scale solar production in Jamnagar, India, according to the company. The Dhirubhai Ambani Green Energy Giga Complex is going to have a capacity of 4GW per year at first, with ambitions to increase it to 10GW per year in the future.

“With our other latest investments, Reliance company is now prepared to build a worldwide scale integrated photovoltaic mega plant and establish India as a manufacturing hub for the lowest cost and best efficiency solar panels,” Ambani added.

“We are going to continue to develop, build, and partner with global players to attain the highest levels of reliability, efficiency, and economies in order to provide high-quality, dependable power to our customers in India and around the world at cheap prices.”

Reliance stated it was going to continue to support REC’s expansion ambitions, which include a 2GW to 3GW cell and module capability in Singapore, which is a completely new 2GW cell and module unit situated in France, and a 1GW module plant in the United States.

In June of this year, Ambani, India’s richest man, announced an ambitious plan for Reliance to be able to invest $10.1 billion in green energy. He also claimed last month that Reliance was seeking to lower the cost of creating green hydrogen to around $2 per kilogramme, with a stretch goal of lowering the cost to under $1 per kilogramme within ten years as it works toward its goal of 100GW of renewable energy capacity by 2030.

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