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Reliance New Energy purchases REC Solar Holdings for USD 771 million

Last Updated on 08th January 2024

Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has announced the purchase of REC Solar Holdings AS (REC Group) for a total enterprise value of $771 million from China National Bluestar (Group) Co Ltd.


RIL said in a statement that "REC's Alpha and Alpha Pure range of solar modules are recognized as among industry leaders in efficiency, reliability, and long guaranteed life."


"REC's heterojunction (HJT) technology helps its modules outperform other commonly used technologies in the industry," the company said.


Norway is the company's headquarters. REC has regional hubs in North America, Europe, Australia, and Asia-Pacific, as well as its operating headquarters in Singapore.


The 25-year-old company has three manufacturing facilities: two in Norway for solar-grade polysilicon production and one in Singapore for PV cells and modules production.


Reliance said it will support REC's planned expansions, which include a capacity of 2-3 GW Cells and Modules in Singapore, a brand new 2 GW Cells and Module unit in France, and a new 1 GW Modules factory in the United States.


In India, the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar proposes to utilize this technology in its fully integrated, metallic Silicon to PV Panel manufacturing giga plant, which will start with a 4 GW per annum capacity and eventually increase to a 10 GW per annum capacity.


According to Reliance, the acquisition of REC will provide the company with a ready global platform as well as the opportunity to expand and grow in important green energy markets throughout the world, including the United States, Europe, Australia, and Asia.


"It is in line with our strategy of investing in new and advanced technologies and operating capabilities aimed at achieving Reliance's goal of enabling 100 GW clean and green energy by the end of this decade," said Mukesh Ambani, Chairman of RIL.


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