ReNew Energy Global has secured an investment of Rs 8.7 billion from British International Investment (BII). The investment will be made in the company’s subsidiary, ReNew Photovoltaics. It is aimed at expanding ReNew Photovoltaics’ operations, which currently include a 6.4 GW solar module facility and a 2.5 GW solar cell facility located in Jaipur, Rajasthan, and Dholera, Gujarat. The transaction is pending customary regulatory and lender approvals.
The funding will be utilised to construct a new 4 GW TOPCon solar cell facility in Dholera, which will raise ReNew’s total capacity to 6.4 GW of modules and 6.4 GW of cells. Moreover, this expansion is expected to generate over 2,000 new jobs and strengthen India’s domestic production of high-efficiency solar components. This marks BII’s first investment in solar manufacturing in India and involves BII acquiring a minority stake in ReNew Photovoltaics.
