ReNew Energy, one of the largest renewable energy companies in India has secured an investment of INR 870 crore (USD 100 million) from British International Investment to accelerate the growth of its solar manufacturing business in India, with the primary goal of reducing the country's reliance on imports and aligning with its renewable energy targets. The investment will be utilized to expand ReNew's manufacturing capacity, including the construction of a new 4 GW TOPCon cell facility in Dholera, Gujarat, which is expected to create over 2,000 new jobs. This initiative is a strategic move to support India's objective of indigenizing the solar supply chain with a supportive regulatory and policy environment.

The investment marks British International Investment's first-ever investment in solar manufacturing in India, underscoring its commitment to building a resilient and self-reliant renewable energy supply chain in one of the world's fastest-growing clean energy markets. ReNew Photovoltaics Private Limited, the company's dedicated solar manufacturing subsidiary in India, will receive the investment, which will be used to grow the business and expand its manufacturing capacity.

The transaction is subject to customary approvals from lenders and regulatory authorities. ReNew Photovoltaics currently comprises an operational 6.4 GW solar PV module facility and a 2.5 GW solar cell facility located in Jaipur, Rajasthan, and Dholera, Gujarat. With BII's investment, the company's total manufacturing capacity will be approximately 6.4 GW of modules and 6.4 GW of cells post-expansion. The facilities will primarily serve ReNew's internal consumption, with surplus capacity targeted for third-party sales, reflecting strong market traction with over 900 MW supplied to third parties and additional orders of approximately 1.5 GW.

Sumant Sinha, Founder, Chairman & CEO of ReNew, emphasized the importance of this partnership in delivering high-quality products while driving sustainable growth and creating long-term shareholder value. He noted that venturing into manufacturing was a strategic decision aimed at securing ReNew's supply chain, particularly as India advances its objective of indigenizing the solar supply chain. Sally Taylor, Minister Counsellor, Climate, Science and Tech at the British High Commission, also welcomed the investment, stating that it will diversify the supply of panels and further build the strong partnership between the UK and India on clean energy.

Shilpa Kumar, MD and Head of India at BII, highlighted the significance of this investment in building and strengthening the renewable energy supply chain in India. The investment is expected to have a positive impact on India's renewable energy sector, aligning with the Government of India's 500 GW renewable energy capacity target by 2030 and the Make in India initiative. With this investment, ReNew is poised to play a crucial role in supporting India's transition to a low-carbon economy.

In recent years, India has been actively promoting the development of its renewable energy sector, with a focus on reducing dependence on imported components. The Government of India has set ambitious targets for renewable energy capacity addition, aiming to achieve 500 GW of installed capacity by 2030. With investments like the one made by BII in ReNew's solar manufacturing business, India is moving closer to achieving its goals of becoming a self-reliant and sustainable economy.

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