Reliance Industries acquires solar cells manufacturer REC Group for $771m
Reliance New Energy Solar Ltd. (RNESL), a fully-owned subsidiary of Reliance Industries, has acquired REC Solar Holdings AS (REC Group) from China National Bluestar Group for $771 million.
REC Group, which is based in Norway, is a solar cells/panels and polysilicon manufacturing company. It has an operational headquarters in Singapore, as well as regional hubs in North America, Europe, Australia, and Asia-Pacific.
The 25-year-old Norwegian solar energy company owns three manufacturing plants, a couple of them in Norway which make solar grade polysilicon and one that makes PV cells and modules in Singapore.
The Alpha and Alpha Pure solar modules from REC Group are claimed to be known for their efficiency, reliability, and long-term guarantee. The company’s heterojunction (HJT) technology is said to help its modules outperform other technologies in the solar power industry.
REC Group holds over 600 utility and design patents, of these 446 have been granted, and the remaining are being evaluated.
Reliance Industries, through its innovation, scale, and operational track record, plans to accelerate technological advancements of REC Group and help introduce new products.
REC Group in the past had introduced half-cut passivated emitter and rear cell (PERC) technology, which is claimed to be adopted by all major manufacturers.
The Norwegian solar energy company is now working on its next generation HJT technology.
REC Group employs more than 1,300 people worldwide.
Reliance Industries said that it will support the Norwegian firm’s expansion plans, including 2-3GW cells and module capacity in Singapore, a brand-new 2GW cells and module unit in France, and another 1GW module facility in the US.
The Mukesh Ambani led group plans to use this technology in India in its fully integrated, metal silicon to photovoltaic (PV) panel manufacturing giga plant at the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Gujarat.
The initial production of the PV panel manufacturing plant will be 4GW per annum, which is subsequently planned to be expanded to 10GW.
Reliance Industries said that the acquisition of REC Group will provide it a ready global platform, thereby allowing it to grow and expand in major green energy markets worldwide, such as the US, Europe, Australia, and in rest of Asia.
Mukesh Ambani — Chairman of Reliance Industries said: “I am immensely pleased with our acquisition of REC because it will help Reliance tap the unlimited and year-long power of Soorya Dev, the Sun God, that India is fortunate to be blessed with.
“It is in line with our strategy of investing in new and advanced technologies and operating capabilities aimed at achieving Reliance’s goal of enabling 100 GW clean and green energy before the end of this decade. This will constitute the largest contribution by a single company to Honourable Prime Minister Shri Narendra Modi’s target for India to produce 450 GW renewable energy by 2030.
“It will enable India to become a world leader in green energy transition to overcome the climate crisis.
“Together with our other recent investments, Reliance is now ready to set up a global scale integrated Photovoltaic Giga factory and make India a manufacturing hub for lowest cost and highest efficiency solar panels.”
In August, Reliance New Energy Solar announced an investment of $50 million in American energy storage company Ambri.