Reliance New Energy Solar on Suunday said that it acquired REC Solar Holdings for $771 million.
Reliance New Energy Solar Ltd (RNESL) is a wholly-owned subsidiary of (RIL). It announced the acquisition of 100 per cent shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd. it said in a BSE filing.
The acquisition is key to RIL’s new-energy vision to become a global-scale photovoltaic (PV) manufacturing player.
This acquisition also takes the conglomerate one step closer to its goal of generating 100GW of solar energy by 2030. It will help India’s goal to produce 450GW of renewable energy by the same year.
REC is headquartered in Norway. It was founded in 1996 and has its operational headquarters in Singapore and regional hubs in North America, Europe, Australia and the Asia Pacific.
Now the RIL plans to use REC solar’s industry-leading technology in its silicon-to-PV-panel gigafactory in the Dhirubhai Ambani Green Energy Giga Complex.