ReNew Energy Global Plc, based in Gurgaon, has secured a $100 million investment from British International Investment (BII), the UK’s development finance institution and impact investor. The funding will power the expansion of ReNew’s solar manufacturing operations, reinforcing India’s clean energy ecosystem.
BII Makes First Foray into India’s Solar Manufacturing Sector
The deal marks BII’s first-ever investment in India’s solar manufacturing space. It underscores BII’s commitment to building resilient and self-sufficient renewable energy supply chains. This effort focuses on one of the fastest-growing green energy markets globally.
As part of the agreement, BII will acquire a minority stake in ReNew Photovoltaics Private Limited, ReNew’s solar manufacturing subsidiary. Although ReNew did not disclose the exact stake, the investment shows strong confidence in India’s clean energy potential.
Driving Capacity Expansion with New 4 GW TOPCon Facility
ReNew Photovoltaics currently operates a 6.4 GW solar PV module facility and a 2.5 GW solar cell facility across Jaipur (Rajasthan) and Dholera (Gujarat). The fresh capital infusion will support the construction of a new 4 GW TOPCon (Tunnel Oxide Passivated Contact) solar cell facility in Dholera. This will significantly boost ReNew’s cell manufacturing capabilities. Once completed, ReNew’s total module and cell manufacturing capacity will rise to approximately 6.4 GW each. This will enhance its supply chain resilience.
Meeting Internal Needs, Unlocking Market Opportunities
As reported by knnindia.co.in, with an annual module output of 4.0–4.5 GW, ReNew Photovoltaics primarily serves ReNew’s internal project pipeline. However, the company plans to allocate excess capacity to third-party sales, capitalizing on rising demand for domestically produced solar components.
Strategic Move to Strengthen Supply Chain Independence
Sumant Sinha, Founder of ReNew, stated, “Venturing into manufacturing was a strategic decision aimed at securing our supply chain. This move aligns with India’s goal of indigenising the solar ecosystem within a supportive regulatory environment.” He added, “Beyond ensuring supply stability, we sought a like-minded, long-term partner in manufacturing — and we found that in BII.”
Strengthening the UK–India Clean Energy Partnership
Sally Taylor, Minister Counsellor for Climate, Science, and Technology at the British High Commission, added, “This investment in ReNew’s solar manufacturing arm is a positive step that will diversify panel supply and further deepen the strong UK–India collaboration on clean energy.”
