{"id":5133,"date":"2021-10-12T17:38:09","date_gmt":"2021-10-12T12:08:09","guid":{"rendered":"https:\/\/www.tickertape.in\/blog\/?p=5133"},"modified":"2022-09-01T18:23:06","modified_gmt":"2022-09-01T12:53:06","slug":"reliance-industries-moves-toward-green-energy-generation","status":"publish","type":"post","link":"https:\/\/www.tickertape.in\/blog\/reliance-industries-moves-toward-green-energy-generation\/","title":{"rendered":"Reliance Industries Moves Toward Green Energy Generation &#8211; Acquires REC For $771 mn"},"content":{"rendered":"\n<p>Reliance New Energy Solar Ltd. (RNESL) was incorporated on 7th June 2021 as a wholly-owned subsidiary of <a href=\"https:\/\/www.tickertape.in\/stocks\/reliance-industries-RELI?&amp;utm_source=blog&amp;utm_medium=article\" target=\"_blank\" rel=\"noreferrer noopener\">Reliance Industries Limited<\/a> (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).<\/p>\n\n\n\n<p>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 <a href=\"https:\/\/www.tickertape.in\/blog\/green-energy-arvind-kothari\/\">green energy<\/a>.<\/p>\n\n\n\n<p>At the projected Gigafactory in Jamnagar, Gujarat, <a href=\"https:\/\/www.tickertape.in\/blog\/facts-about-reliance-industries\/?utm_source=blog&amp;utm_medium=article\">Reliance Industries<\/a> stated it will employ REC&#8217;s technology to create metallic silicon and solar panels. An initial yearly capacity of 4 GW, with the potential increasing to 10 GW.&nbsp;<\/p>\n\n\n\n<p>RNESL has also finalised an agreement to buy a 40% stake in <a href=\"https:\/\/www.tickertape.in\/stocks\/sterling-and-wilson-solar-STEN?&amp;utm_source=blog&amp;utm_medium=article\" target=\"_blank\" rel=\"noreferrer noopener\">Sterling and Wilson Solar<\/a> (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.<\/p>\n\n\n\n<p>SWSL is a global engineering, procurement, and construction (EPC) and Operations and Maintenance (O&amp;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.<\/p>\n\n\n\n<p>By the end of the decade, Reliance plans to create 100 GW of renewable energy. This $2 bn deal is part of Ambani&#8217;s $10 bn renewables plan for acquisitions to generate clean energy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After just 5 yrs of Jio, Mukesh Ambani is now moving towards green and clean energy generation. Read about the latest $2 bn investment done by him.<\/p>\n","protected":false},"author":54,"featured_media":4914,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[10,1744],"tags":[872,873,874,193],"acf":[],"modified_by":"Aradhana Gotur","jetpack_featured_media_url":"https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2021\/10\/6.png?wsr","_links":{"self":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/5133"}],"collection":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/users\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/comments?post=5133"}],"version-history":[{"count":2,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/5133\/revisions"}],"predecessor-version":[{"id":5135,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/5133\/revisions\/5135"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media\/4914"}],"wp:attachment":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media?parent=5133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/categories?post=5133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/tags?post=5133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}