According to Wechat Official Account @pv-news, , local time - British International Investment (BII) has decided to invest INR8.7 billion (about $103 million) in ReNew Photovoltaics Pvt Ltd, the solar manufacturing subsidiary of ReNew Energy Global Plc, in order to acquire a partial stake in the subsidiary. The funds will be fully invested in the Gujarat campus for the construction of a 4GW TOPCon cell production line. Upon completion, the company's total solar cell production capacity will exceed 6GW, creating around 2,000 jobs.
ReNew Photovoltaics Pvt Ltd was established in 2021, and in just a few years has set up manufacturing bases in both Jaipur and Dholera, India, with a current capacity of 6.4GW of PV modules and 2.5GW of solar cells. The investment is BII's first direct participation in the Indian solar equipment supply chain. However, the investment deal is still subject to the consent of lending institutions and regulatory approvals.
In addition to supplying cells for ReNew's own large-scale solar projects, the remainder of the cells produced by the new production line will be sold to state-run power utilities such as NTPC and manufacturers such as Shakti Pumps. By expanding its local cell production capacity, ReNew will be able to reduce its dependence on imported modules and meet India's goal of self-sufficiency under its “production-linked incentive” policy.
As a NASDAQ-listed company, ReNew currently operates more than 13GW of wind assets and has another 10GW of projects under development. Expanding its production scale is an important layout for it to become a vertically integrated renewable energy giant. According to the company's management, producing cells and modules on its own can guarantee efficient project progress and stable profits, as well as exporting advanced solar technologies to capture market share when overseas demand grows.
And for BII, the investment is in line with its goal of driving climate finance investment in emerging markets.BII, which plans to invest £3 billion in green projects globally by 2026, sees India's solar manufacturing industry as a key link in the global energy transition.
Source：https://mp.weixin.qq.com/s/feLySrVnyXyTfCC-mUTh9g