DK Business Network
ReNew Energy Global Plc has secured an investment of approximately ₹870 crore (~$100 million) from British International Investment (BII). This marks BII’s first foray into India’s solar manufacturing sector, reinforcing its long-term commitment to sustainable infrastructure.
The investment will be channelled into ReNew Photovoltaics, the solar manufacturing arm of ReNew, where BII will acquire a 10% equity stake. The deal values the company at around $1 billion, underscoring confidence in India’s clean energy growth.
Proceeds from the investment will fund the development of a state-of-the-art 4 GW TOPCon (Tunnel Oxide Passivated Contact) solar cell manufacturing plant in Dholera, Gujarat. Once operational, this facility will scale ReNew’s total capacity to 6.4 GW each for solar modules and cells.
Anagram Partners advised ReNew on the transaction, with the deal team led by Partner Faraz Khan and supported by senior associates and associates. Trilegal represented BII, with a multidisciplinary team led by Partner Sneha Vardhan and experts from the firm’s projects, employment, TMT, and IP practices.
The investment is expected to create over 2,000 skilled jobs and significantly reduce India’s reliance on imported solar components. It aligns with India’s target of 500 GW of renewable energy by 2030 and supports the Make in India initiative for clean technology leadership.
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