Acquisition: Reliance New Energy Solar Acquires REC Solar For $771 M

Reliance New Energy Solar announced today that it has purchased a 100% stake in REC Solar Holdings AS (REC Group) for $771 million from China National Bluestar (Group) Co Ltd.

"Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has announced the acquisition of 100 percent of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd., for an Enterprise Value of USD 771 million," Reliance New Energy Solar said in a BSE filing.

The acquisition is critical to RIL's new-energy strategy of becoming a worldwide player in photovoltaic (PV) manufacture with heterojunction technology (HJT). This also moves the company closer to its aim of producing or allowing the production of 100 GW of solar energy by 2030, in line with India's objective of producing 450 GW of renewable energy by that year.

REC's operations headquarters are in Singapore, and the company has regional hubs in North America, Europe, Australia, and Asia Pacific.

REC is headquartered in Norway, with regional centres in North America, Europe, Australia, and Asia-Pacific, as well as operating headquarters in Singapore. REC Group is a global pioneering solar energy firm that leads the industry with technological advances and better, high-efficiency, long-life solar cells and panels for clean, inexpensive solar energy.

Reliance plans to deploy this industry-leading technology in their fully integrated, metallic Silicon to PV Panel manufacturing mega plant at Dhirubhai Ambani Green Energy Giga Complex, Jamnagar.

Other energy market companies are also stepping up their clean-energy efforts. The Adani Group, which established a renewable energy company in October 2020, stated in September that it would invest $20 billion in renewable energy production, while NTPC declared earlier this year in June that it would target 60GW of wind and solar power by 2032.