Mumbai: A Leap Towards Solar Energy

In a significant move to bolster India's renewable energy sector, British International Investment (BII) has announced a $100 million investment in ReNew Photovoltaics, acquiring a 10% stake in the company. This marks BII's inaugural foray into solar component manufacturing within India.

Strategic Investment and Future Plans

The investment pegs ReNew Photovoltaics at a $1 billion valuation, with BII securing a seat on the board. The remaining 90% stake continues to be held by ReNew Energy Global, under the leadership of Sumant Sinha.

This strategic infusion of capital is set to amplify ReNew Photovoltaics' manufacturing capacity from 9 GW to 13 GW, including the establishment of a new solar cell factory in Dholera, Gujarat.

India's Renewable Energy Landscape

Since its inception in 2021, ReNew Photovoltaics has made significant strides, boasting a 2.5 GW solar cell and 6.5 GW solar module manufacturing capacity. Its clientele includes giants like NTPC and Shakti Pumps.

The renewable energy sector in India is attracting global attention, with notable investments from Mubadala, BlackRock, and IHC in other green energy ventures.