Reliance Industries Restricted (RIL) on Sunday acquired Norway-headquartered photo voltaic module maker REC Photo voltaic Holdings (REC Group) for an enterprise worth of $771 million (round Rs 5,800 crore) from China Nationwide Bluestar. REC Group is a number one worldwide photo voltaic power firm for pioneering improvements. It’s recognized for its high-efficiency, long-life photo voltaic cells and panels for clear and inexpensive solar energy.
Talking concerning the acquisition, RIL chairman and managing director Mukesh Ambani stated, “I’m immensely happy with our acquisition of REC as a result of it’s going to assist Reliance faucet the limitless and year-long energy of Soorya Dev, the Solar God, that India is lucky to be blessed with.”
Norway’s REC Group has an annual solar panel production capacity of 1.8 gigawatts (GW). Incorporated in 1996, REC Group is one of the biggest player in the market. It has installed around 10GW capacity globally till now. The Norway company has regional hubs in North America, Europe and Asia-Pacific.
It was the first to introduce half-cut passivated emitter and rear cell (PERC) technology, which is adopted by all major manufacturers. Its range of solar modules are recognised as among industry leaders in efficiency, reliability and long guaranteed life. REC has over 600 utility and design patents, of which 446 are granted and balance are under evaluation.
“Reliance’s deep expertise of scale, project execution and operational excellence coupled with REC’s technology will facilitate the establishment of state-of-the-art next-generation fully integrated PV manufacturing facility at Dhirubhai Ambani Green Energy Giga Complex and subsequently replicate such complexes around the world,” stated the assertion.
“In India, Reliance plans to make use of this business main know-how of their totally built-in, metallic Silicon to PV panel manufacturing giga manufacturing facility at Dhirubhai Ambani Inexperienced Vitality Giga Complicated, Jamnagar initially beginning with 4 GW each year capability and finally rising to 10 GW each year,” said RIL’s statement on Sunday.
“This will constitute the largest contribution by a single company to Honourable Prime Minister Shri Narendra Modi’s target for India to produce 450 GW renewable energy by 2030. It will enable India to become a world leader in green energy transition to overcome the climate crisis,” Ambani stated.
“Along with our different latest investments, Reliance is now able to arrange a world scale built-in Photovoltaic Giga manufacturing facility and make India a producing hub for lowest price and highest-efficiency photo voltaic panels. We are going to proceed to speculate, construct and collaborate with international gamers to attain the best reliability, effectivity and economies to ship high-quality, dependable energy at inexpensive costs to our clients each in India and markets worldwide,” Ambani said.
This acquisition will “enable India to become a world leader in green energy transition to overcome the climate crisis”, added the RIL chairman and MD.
RIL stated REC has greater than 1,300 workers globally and they’re going to turn into proud members of the Reliance household after the profitable completion of the transaction and turn into an integral a part of the crew that’s driving one of many world’s most bold mission to drive inexperienced power transition.
“Reliance will strongly help for REC’s deliberate expansions together with 2-3 GW Cells and Module capability in Singapore, model new 2 GW Cells and Module unit in France and one other 1 GW Modules plant within the US,” said RIL’s statement.
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