Reliance New Energy Solar Limited (RNESL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), has announced the acquisition of a 100 per cent stake of REC Solar Holdings from China National Bluestar. The enterprise value for the acquisition is $771 million.
The acquisition will provide RIL with a ready global platform and the opportunity to expand in important green energy markets around the world, including the US, Australia, Europe, and Asia. Over 600 utility and design patents have been issued to REC. Of these, 446 are approved and the balance is under evaluation. RIL is anticipated to support REC’s expansion plans which include a capacity of 2 GW-3 GW of cells and modules in Singapore. The expansion plan includes a new 2 GW cell and module plant in France as well as a 1 GW module manufacturing facility in the US. Meanwhile, in the Dhirubhai Ambani Green Energy Complex in Jamnagar, Gujarat, RIL will utilise these technologies in their fully integrated, metallic silicon to photovoltaic (PV) panel manufacturing Giga plant. The complex will begin with a 4 GW annual capacity and will eventually grow to a 10 GW capacity per annum.
In August 2021, RNESL along with other investors including Paulson & Co., Inc. and Bill Gates, announced a $144 million investment in AmbriInc, an energy storage company based in Massachusetts, the US. The funds would be used to assist Ambri with commercialising and expanding its long-duration energy storage solutions. RNESL would invest $50 million in Ambri to purchase 42.3 million preferred stock shares.