In Its Solar Manufacturing Foray In India, BII Acquires Minority Stake In ReNew Energy
Decarbonisation solutions provider ReNew Energy Global PLC announced on April 6th that it had secured an investment from British International Investment (BII) worth ₹8700 million. ReNew plans to use this investment towards increasing its solar manufacturing business domestically.
The investment will be made in ReNew Photovoltaics Pvt Ltd, the company’s dedicated solar manufacturing subsidiary.
This investment marks BII’s foray into solar manufacturing in India as it acquires a minority stake in ReNew Photovoltaic.
ReNew Photovoltaic plans to use the investment by BII to construct a new state-of-the-art 4 GW TOPCon cell facility in Dholera, Gujarat, taking its total manufacturing capacity to 6.4 GW of modules and 6.4 GW of cells. In the process, it will create 2000 new jobs and boost domestic production of high-efficiency solar components.
With an annual output of 4.0 to 4.5 GW of modules, ReNew Photovoltaics’ facilities will primarily serve ReNew’s internal consumption, with surplus capacity targeted for third-party sales. To date, the facilities have supplied 900 MW to third parties along with additional orders of approximately 1.5 GW, reflecting strong market traction. Key supply partnerships with marquee customers, such as NTPC and Shakti Pumps, underscore high quality and reliability of ReNew Photovoltaics’ products. ReNew Photovoltaics will benefit significantly from the demand requirements, strong procurement capabilities as well as the broader ecosystem and relationships created by ReNew.
Commenting on the investment, ReNew’s Chairman and CEO Sumant Sinha said, “We are delighted to have BII as an investor in our solar manufacturing business. This partnership underscores our commitment to delivering high quality, top-tier products while making strategic investments that drive sustainable growth and create long-term shareholder value. Venturing into manufacturing was a strategic decision aimed at securing our supply chain, particularly as India advances its objective of indigenising the solar supply chain with a supportive regulatory and policy environment. Beyond ensuring supply stability, our goal was to partner with a like-minded, long-term partner in the manufacturing sector. Backward integration into the module supply chain further reinforces ReNew’s position as a leader in building a resilient, sustainable, and globally competitive clean energy platform.”
Shilpa Kumar, BII’s MD and Head of India added, “We’re excited to partner with ReNew on our first venture into solar manufacturing in India. This investment is crucial for building and strengthening the renewable energy supply chain. Enhancing India’s capacity in solar manufacturing will not only boost clean energy generation but also reduce the country’s dependency on imports, promote sustainable industrialisation and create new jobs. It reinforces BII’s unwavering commitment to making investments that drive sustainable development and climate resilience in India.”
The move was also lauded by Sally Taylor, Minister Counsellor, Climate, Science and Tech, British High Commission, who said, “This investment in ReNew’s solar manufacturing arm is a positive development that will diversify the supply of panels and further builds the strong partnership between the UK and India on clean energy. The UK Government is pressing ahead with our own clean energy transition, where the private sector is playing a key role, and we are keen to work with India and other countries showing domestic and international leadership on tackling climate change to protect our planet.”
