ReNew Energy receives $100 million investment from UK’s BII for solar manufacturing expansion, boosting India’s PV cell & module production to 6.4 GW capacity in Gujarat & Rajasthan.
UK’s BII Invests $100 Million in ReNew’s Solar Manufacturing Arm
New Delhi – ReNew Energy Global Plc has secured a $100 million (₹8,700 crore) investment from British International Investment (BII) the UK’s development finance institution to expand its solar manufacturing capabilities in India. This marks BII’s first-ever investment in India’s solar manufacturing sector.
Key Details of the Investment
✔ Stake Acquisition: BII to acquire ~10% stake in ReNew Photovoltaics
✔ Capacity Expansion: Funds will establish 4 GW TOPCon cell facility in Dholera, Gujarat
✔ Total Capacity Post-Expansion:
- 6.4 GW solar modules (Jaipur facility)
- 6.4 GW solar cells (Dholera facility)
✔ Completion Timeline: New cell facility operational by mid-2026
Strategic Rationale
- Supply Chain Security: Reduces import dependence for solar components
- Policy Alignment: Supports India’s PLI scheme for solar manufacturing
- Vertical Integration: Matches ReNew’s 17.4 GW renewable portfolio needs
- Export Potential: Surplus capacity for third-party sales (current orders: 1.5 GW)
Manufacturing Footprint
| Facility | Location | Capacity | Technology |
|---|---|---|---|
| Module Plant | Jaipur, Rajasthan | 6.4 GW | Polycrystalline/Mono PERC |
| Existing Cell Plant | Dholera, Gujarat | 2.5 GW | – |
| New Cell Plant (Under Construction) | Dholera, Gujarat | 4 GW | TOPCon |
Leadership Insights
Sumant Sinha, Founder & CEO, ReNew:
“This investment accelerates our Atmanirbhar Bharat commitment in solar manufacturing. The Dholera TOPCon facility will be among India’s most advanced cell production units.”
Shilpa Kumar, MD, BII India:
“Strengthening India’s solar supply chain is critical for energy security. This investment will create jobs and reduce import reliance.”
Market Context
- ReNew supplies to NTPC, Shakti Pumps and internal projects
- Currently delisting from Nasdaq following $7.07/share buyout offer from Masdar-ADIA-CPP consortium
- India’s solar module demand expected to reach 30 GW annually by 2030
Why This Matters for India’s Energy Transition?
✅ Technology Upgrade: TOPCon cells offer higher efficiency (28%+) than PERC
✅ Import Substitution: Reduces dependence on Chinese solar cells
✅ Job Creation: Thousands of skilled roles in advanced manufacturing
✅ PLI Scheme Boost: Positions ReNew for ₹19,500 Cr solar PLI benefits
