UK’s development finance institution and impact investor British International Investment (BII) has made a $100m (€88k) investment in ReNew Energy Global’s solar manufacturing business in India.
BII is making its first investment in solar manufacturing in India by investing the capital for a minority stake in ReNew Photovoltaics Private.
Established in 2021, ReNew Photovoltaics operates a 6.4GW solar photovoltaic module facility in Jaipur, Rajasthan, and a 2.5GW solar cell facility in Dholera, Gujarat.
BII’s investment will mainly fund growth and the expansion of the firm’s manufacturing capacity through the construction of a new 4GW TOPCon cell facility in Dholera, Gujarat.
Sumant Sinha, founder, chairman and CEO of ReNew, said: “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.”
Sally Taylor, minister counsellor, climate, science and tech, British High Commission, 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.”
Shilpa Kumar, MD and head of India, BII, said: “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 in India.
“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.”
To read the latest IPE Real Assets magazine click here.
