Reliance New Energy Solar, a fully owned subsidiary of Reliance Industries Ltd (RIL), said on Sunday that it has purchased REC Solar’s whole ownership from China National Bluestar (Group) Co Ltd for US $771 million.
Reliance will benefit from the purchase of REC by having a ready global platform and the ability to develop and grow in important green energy markets across the world, including the United States, Europe, Australia, and Asia.
REC Solar, based in Norway, is one of the world’s major manufacturers of solar cells, panels, and polysilicon. The 25-year-old firm has three manufacturing facilities: two in Norway for solar-grade polysilicon production and one in Singapore for PV cells and modules production.
Speaking about the acquisition, RIL Chairman Mukesh Ambani 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,” Ambani said.
The Chairman of Reliance Industries claimed that the firm is now poised to build a world-scale integrated Photovoltaic Giga plant and make India a manufacturing hub for the lowest cost and best efficiency solar panels, in addition to other recent investments.
“We will continue to invest, build and collaborate with global players to achieve the highest reliability, efficiency, and economies to deliver high-quality, reliable power at affordable prices to our customers both in India and markets worldwide. I am especially happy about the opportunity to facilitate the creation of millions of green employment opportunities in a decentralised manner in rural and urban areas,” Ambani said.
The Alpha and Alpha Pure solar modules from REC are among the most efficient, reliable, and long-lasting in the industry. According to a press release from RIL, REC’s heterojunction (HJT) technology allows its modules to outperform other widely utilised technologies in the industry.
REC holds approximately 600 utility and design patents, 446 of which have been issued and the remaining are pending. REC was the first to offer half-cut Passivated Emitter and Rear Cell (PERC) technology, which is now used by all major manufacturers, while the company has moved on to its next-generation HJT technology.
“REC has more than 1,300 employees globally. They will become proud members of the Reliance Family after the successful completion of the transaction and become an integral part of the team that is driving one of the world’s most ambitious missions to drive green energy transition,” RIL statement said.
Reliance will provide significant support for REC’s planned expansions, which include a capacity of 2-3 GW Cells and Modules in Singapore, a brand new 2 GW Cells and Module facility in France, and a 1 GW Modules factory in the United States, according to the company.
Reliance aims to employ this industry-leading technology in its fully integrated, metallic Silicon to PV Panel manufacturing mega plant at Dhirubhai Ambani Green Energy Giga Complex, Jamnagar, which will start with a 4 GW per year capacity and eventually develop to a 10 GW per annum capacity.