Reliance New Energy Solar Ltd (RNESL), a recently launched subsidiary of Reliance Industries (RIL), has inked four consecutive renewable energy deals. The business intends to invest 60,000 crores in developing gigafactories by 2024, with a goal of adding 100 gigawatts (GW) of renewable energy by 2030.
RNESL bought the whole share in Norway-based REC Solar Holdings AS for 5,782 crore. The company is recognized for its technological breakthroughs and superior, high efficiency, and long-life solar cells and panels for clean and cheap solar electricity.
REC has approximately 600 utility and design patents, 446 of which have been awarded and the remainder are being evaluated.
RNESL has agreed to buy a 40% share in Sterling & Wilson Solar Ltd for Rs. 2,850 crore. Sterling & Wilson Solar is one of the world’s top engineering, procurement, and construction (EPC) and operation and maintenance (O&M) businesses in the renewables industry.
Following that, Reliance decided to spend 337 crore in the German business NexWafe in order to have access to techniques and technology for manufacturing solar wafers. As part of gigafactories, it intends to construct large-scale solar wafer production facilities.
In the fourth transaction, RNESL inked a collaboration agreement with Denmark-based Stiesdal A/S for technological development and production of HydroGen Electrolyzers in India . They will be produced by one of the gigafactories.
The parent company Reliance is looking to acquire technologies initially to make headway before building the four giga factories in Jamnagar, Gujarat.
Reference- Reliance Industry website, The Hindu, Economic Times, Mercom India, Money Control