Reliance Industries has announced strategic acquisitions in two companies in the solar power space. These acquisitions are in line with Reliance Industries’ vision of becoming a global player in the renewable energy industry.
Mukesh Ambani-controlled Reliance Industries Ltd, in independent stock exchange filings, said that it would acquire 40 per cent stake in Sterling and Wilson Solar Ltd, a Shapooji Pallonji Group company, and 100 per cent stake in Norway-based REC Solar Holdings.
Both the acquisitions will be made by Reliance New Energy Solar Ltd, a wholly-owned subsidiary of Reliance Industries Ltd.
Sterling and Wilson Solar Ltd (SWSL)
The 40 per cent acquisition in SWSL will be made through a combination of primary investment, secondary purchase and open offer, RIL said in the filing.
With 11-plus GW of solar turnkey projects executed globally and more than five decades of engineering experience, SWSL is a leading and highly reputed international EPC and O&M service provider in the renewables sector. The company has a 3,000-strong team and presence across 24 countries, and it provides a comprehensive range of solar energy turnkey solutions including design, procurement, construction, project management and operations and management.
“Combined with Reliance’s announced plans to set up four state-of-the-art giga factories in Jamnagar, Gujarat, the partnership offers fully integrated product with unrivaled engineering capabilities,” RIL said.
REC Solar
The 100 per cent equity stake in REC Solar Holdings AS (REC Group) will be acquired from China National Bluestar (Group) Co Ltd, for an enterprise value of $771 million.
REC is headquartered in Norway and has its operational headquarters in Singapore and regional hubs in North America, Europe, Australia, and Asia-Pacific. REC Group is an international pioneering solar energy company leading the industry through its technological innovations and superior, high efficiency and long-life solar cells and panels for clean and affordable solar power. The 25-year-old company has three manufacturing facilities – two in Norway for making solar grade polysilicon and one in Singapore making PV cells and modules.
REC’s “Alpha” and “Alpha Pure” range of solar modules are recognized as among industry leaders in efficiency, reliability and long guaranteed life. The heterojunction (HJT) technology used by REC helps its modules surpass the performance of other commonly used technologies in the industry.
In India, Reliance plans to use this industry leading technology in its fully integrated, metallic silicon to PV panel manufacturing giga factory at Dhirubhai Ambani Green Energy Giga Complex, Jamnagar initially starting with 4 GW per annum capacity and eventually growing to 10 GW per annum.
Reliance will also support REC’s planned expansions including 2-3 GW cells and module capacity in Singapore, a brand new 2-GW cells and module unit in France, and another 1 GW modules plant in the US.
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100 GW target
Reliance Industries has set a goal of enabling 100 GW clean and green energy before the end of this decade. “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,” noted Mukesh Ambani, Chairman, Reliance Industries Ltd.
Featured photograph showing the 168-MWp solar PV farm at Ninh Thuan, Vietnam, built by Sterling and Wilson Solar Ltd is for illustration only.
