The purchase of the Norwegian solar panel manufacturer by the conglomerate's Reliance New Energy Solar Limited (RNESL) comes after RIL, the operator of the world's largest refining complex, said in June that it would invest $10.1 billion in renewable energy over three years.
Reliance Industries Limited (RIL) announced on Sunday the acquisition of REC Solar Holdings for $771 million from China National Bluestar (Group) Company Limited as part of its efforts to achieve net carbon zero status by 2035.
The purchase of the Norwegian solar panel manufacturer by the conglomerate's Reliance New Energy Solar Limited (RNESL) comes after RIL, the operator of the world's largest refining complex, said in June that it would invest $10.1 billion in renewable energy over three years.
Reliance, controlled by Asia's wealthiest man, Mukesh Ambani, intends to develop at least 100 gigatonnes (GW) of solar power by 2030, accounting for more than a fifth of India's objective of installing 450 GW by the end of this decade.The organisation intends to construct four "giga factories" to manufacture solar cells and modules, energy storage batteries, fuel cells, and green hydrogen.
"With our other recent investments, Reliance is now poised to set up a world-scale integrated Photovoltaic Giga plant and make India a manufacturing hub for the lowest cost and best efficiency solar panels," Ambani said in a statement.
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RNESL said in August that it would invest $50 million in Ambri Inc, a US energy storage startup, as part of a $144 million investment by Reliance Industries, billionaire Bill Gates, investment management firm Paulson & Co, and others.
In response to investor and climate activist pressure, oil giants such as Royal Dutch Shell Plc and BP Plc have announced objectives to become net zero-carbon businesses by 2050.
According to data analysis firm IHS Markit, global solar installations are expected to rise at their highest rate in five years this year.
Ambani stated that his company would continue investing and cooperating with global companies to serve customers in India and other regions with dependable and cheap electricity.
Reliance stated it would employ REC's technology in its giga factory for PV panels, with an initial annual capacity of 4 GW, eventually increasing to 10 GW. The acquisition would help Reliance expand in important green energy markets throughout the world, including the United States, Europe, Australia, and other parts of Asia. It stated that it would back REC's planned growth in Singapore, France, and the United States.
Reliance's green drive comes as India increases its renewable energy capacity, which is presently about 100 GW, to satisfy around two-fifths of its electricity demands by 2030 by the Paris climate agreement.
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