Mumbai, May 12 -- Gurgaon-based ReNew Energy Global Plc has secured Rs 8.7 billion from British International Investment (BII), marking BII's first investment in India's solar manufacturing sector. The funds will support ReNew's expansion of its solar manufacturing arm, ReNew Photovoltaics Private Limited.
ReNew Photovoltaics currently operates a 6.4 GW solar PV module plant and a 2.5 GW solar cell facility in Jaipur and Dholera, respectively. The fresh investment will be used to construct a new 4 GW TOPCon solar cell facility in Dholera, Gujarat, boosting total capacity to 6.4 GW for both modules and cells.
This expansion will help ReNew meet its internal demand while allowing surplus output to be sold to external buyers. "Our move into manufacturing was strategic to secure the supply chain as India pushes to indigenise its solar ecosystem," said Sumant Sinha, ReNew's CEO.
BII's minority stake in the solar subsidiary underscores its long-term commitment to supporting clean energy development in India. Sally Taylor of the British High Commission called it "a positive step that strengthens the UK-India partnership on renewable energy."
Published by HT Digital Content Services with permission from Construction World.