ReNew Energy Global Plc (“ReNew”), a leading decarbonisation solutions company, has secured an INR 8700 million (US$100 million) investment from British International Investment (“BII”), the UK’s development finance institution and impact investor, to accelerate the growth of its solar manufacturing business in India. The investment will be made in ReNew Photovoltaics Private Limited (“ReNew Photovoltaics” or “Company”), ReNew’s dedicated solar manufacturing subsidiary in India.
The investment will see BII acquire a minority stake in ReNew Photovoltaics. The transaction is subject to customary approvals from lenders and regulatory authorities. BII’s investment will be primarily utilised, according to a company note, to grow the business and expand the company’s manufacturing capacity through the construction of a new state of the art 4 GW TOPCon cell facility in Dholera, Gujarat.
Established in 2021, ReNew Photovoltaics 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.
Post-expansion, ReNew’s total manufacturing capacity will be approximately 6.4 GW of modules and 6.4 GW of cells. The expansion is expected to create over 2,000 new jobs and boost domestic production of high-efficiency solar components, reducing India’s reliance on imports and aligning with the Government of India’s 500 GW renewable energy capacity target by 2030 as well as the Make in India initiative.
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. The facilities have so far supplied 900 MW to third parties along with additional orders of approximately 1.5 GW.
The press note adds that 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.
ReNew is a leading decarbonisation solutions company listed on Nasdaq. ReNew’s clean energy portfolio of ~17.4 GWs on a gross basis as of February 14, 2025, is one of the largest globally.
Sumant Sinha, Founder, Chairman & CEO, 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.“
