Last Updated on Sep 1, 2022 by Aradhana Gotur

Reliance New Energy Solar Ltd. (RNESL) was incorporated on 7th June 2021 as a wholly-owned subsidiary of Reliance Industries Limited (RIL). It made a bold move into the solar industry by purchasing Norway-based Renewable Energy Corporation (REC) Solar from China National Bluestar for $771 mn (about Rs. 5,800 cr).

REC is a leading international solar energy corporation and is well-known for its high-efficiency solar cells and panels. RIL intends to enter the solar power generation and manufacturing, hydrogen production, e-fuels, and energy storage industries. It is also willing to provide a platform for renewable energy project financing in order to attract long-term global investments. With this acquisition, RIL announces its debut into green energy.

At the projected Gigafactory in Jamnagar, Gujarat, Reliance Industries stated it will employ REC’s technology to create metallic silicon and solar panels. An initial yearly capacity of 4 GW, with the potential increasing to 10 GW. 

RNESL has also finalised an agreement to buy a 40% stake in Sterling and Wilson Solar (SWSL) from Shapoorji Pallonji and Company (SPCPL), Khurshed Daruvala, and SWSL. For a total of Rs. 2,850 cr, this is a mix of primary investment, secondary purchase, and an open offer. This news comes just hours after the company announced the $771 mn acquisition of REC Solar Holdings.

SWSL is a global engineering, procurement, and construction (EPC) and Operations and Maintenance (O&M) service provider in the renewable energy industry. The company employs 3,000 people and has a presence in 24 countries. It has completed over 11 GW of solar turnkey projects worldwide and has over 50 yrs of engineering experience.

By the end of the decade, Reliance plans to create 100 GW of renewable energy. This $2 bn deal is part of Ambani’s $10 bn renewables plan for acquisitions to generate clean energy.

Ayushi Mishra
1 Comment
Inline Feedbacks
View all comments
55,00,000+ users trust Tickertape for Investment Analysis!
55,00,000+ users trust Tickertape for Investment Analysis!
55,00,000+ users trust Tickertape for Investment Analysis!
55,00,000+ users trust Tickertape for Investment Analysis!

The blog posts/articles on our platform are purely the author’s personal opinion and do not necessarily represent the views of Anchorage Technologies Private Limited (ATPL) or any of its associates. The content in these posts/articles is for informational and educational purposes only and should not be construed as professional financial advice. Should you need such advice, please consult a professional financial or tax advisor. The content on our platform may include opinions, analysis, or commentary, which are subject to change, without notice, based on market conditions or other factors. Further, the use of any third-party websites or services linked on the website is at the user's discretion and risk. ATPL is not responsible for the content, accuracy, or security of external sites. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. The examples and/or securities quoted (if any) are for illustration only and are not recommendatory. Any reliance you place on such information is strictly at your own risk. In no event will ATPL be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

By accessing this platform and its blog section, you acknowledge and agree to the Terms and Conditions of this website, Privacy Policy and Disclaimer.