ReNew Energy Global – a leading decarbonization solutions company – announced it has secured an INR 8700 million ($100 million) investment from British International Investment (BII), the UK’s development finance institution and impact investor, to advance the growth of its solar manufacturing business in India. The funding will be made through ReNew Photovoltaics Private Limited, ReNew’s dedicated solar manufacturing subsidiary in India.
This marks BII’s first-ever investment in solar manufacturing in India and highlights its commitment to building a resilient, self-reliant renewable energy supply chain in one of the world’s fastest-growing clean energy markets.
The investment involves BII buy a minority stake in ReNew Photovoltaics. The transaction is subject to customary approvals from lenders and regulatory authorities.
Launched in 2021, ReNew Photovoltaics comprises an operational 6.4 GW solar PV module facility and a 2.5 GW solar cell facility in Jaipur, Rajasthan, and Dholera, Gujarat.
With an annual output of 4.0 to 4.5 GW of modules, ReNew Photovoltaics’ facilities will primarily offer ReNew’s internal consumption, with surplus capacity targeted for third-party sales. And to date, the facilities have supplied 900 MW to third parties and additional orders of approximately 1.5 GW, reflecting strong market traction. The key supply partnerships with marquee customers, such as NTPC and Shakti Pumps, highlight the quality and reliability of ReNew Photovoltaics’ products.
ReNew Photovoltaics will also benefit significantly from the demand requirements, strong procurement capabilities, and the broader ecosystem and relationships created by ReNew.
This partnership between BII and ReNew aligns with both organisations’ commitment to advancing India’s renewable energy landscape and contributing to global climate change mitigation efforts.
What the funding will be used for: BII’s investment will be primarily utilised to grow the business and expand the company’s manufacturing capacity by constructing a new state-of-the-art 4 GW TOPCon cell facility in Dholera, Gujarat. And post-expansion, ReNew’s total manufacturing capacity will be approximately 6.4 GW of modules and 6.4 GW of cells. This expansion is expected to create over 2,000 new jobs and boost domestic production of high-efficiency solar components, reducing India’s reliance on imports and aligning with the Government of India’s 500 GW renewable energy capacity target by 2030 and the Make in India initiative.
KEY QUOTES:
“We are delighted to have BII as an investor in our solar manufacturing business. This partnership underscores our commitment to delivering high quality, top-tier products while making strategic investments that drive sustainable growth and create long-term shareholder value. Venturing into manufacturing was a strategic decision aimed at securing our supply chain, particularly as India advances its objective of indigenising the solar supply chain with a supportive regulatory and policy environment. Beyond ensuring supply stability, our goal was to partner with a like-minded, long-term partner in the manufacturing sector. Backward integration into the module supply chain further reinforces ReNew’s position as a leader in building a resilient, sustainable, and globally competitive clean energy platform.”
Sumant Sinha, Founder, Chairman & CEO, ReNew
“This investment in ReNew’s solar manufacturing arm is a positive development that will diversify the supply of panels and further builds the strong partnership between the UK and India on clean energy. The UK Government is pressing ahead with our own clean energy transition, where the private sector is playing a key role, and we are keen to work with India and other countries showing domestic and international leadership on tackling climate change to protect our planet.”
Sally Taylor, Minister Counsellor, Climate, Science and Tech, British High Commission
“We’re excited to partner with ReNew on our first venture into solar manufacturing in India. This investment is crucial for building and strengthening the renewable energy supply chain in India. Enhancing India’s capacity in solar manufacturing will not only boost clean energy generation but also reduce the country’s dependency on imports, promote sustainable industrialisation and create new jobs. It reinforces BII’s unwavering commitment to making investments that drive sustainable development and climate resilience in India.”
Shilpa Kumar, MD and Head of India, BII
