Norwegian solar company REC Group is now part of the Reliance New Energy Solar Limited family, after parent company Reliance Industries Limited signed an agreement to acquire 100% of the shares of REC for $771 million. The new ownership by India’s largest private sector company will allow REC to expand its solar manufacturing presence, including a new manufacturing facility in the United States.
REC is a leader in heterojunction technology (HJT) solar panel manufacturing and pioneered the half-cut cell production method. The company, headquartered in Norway, currently has a panel manufacturing facility in Singapore and caters to the residential market. The investment from Reliance will allow REC to grow to over 5 GW of capacity within the next three years — with 2 to 3 GW of cell and module capacity in Singapore, a brand new 2-GW cell and module facility in France and a 1-GW module assembly plant in the United States.
Within India, Reliance plans to incorporate REC’s technology into its existing all-inclusive, metallic silicon to finished PV panel manufacturing facility in Jamnagar, initially starting with 4 GW of capacity and eventually growing to 10 GW.
“The combination of high-efficiency solar panels and economies of scale will allow consumers in more markets around the globe to access REC’s premium solar panels and benefit from highly competitive electricity costs per kilowatt-hour while actively reducing carbon emissions,” REC said in a press release. “As part of the Reliance family, REC and Reliance will accelerate their joint mission to empower people around the globe with clean and affordable solar energy.”
European company Meyer Burger, which originally was a module assembly line manufacturer and supplied its equipment to REC for its HJT production, also announced earlier this year that it would bring a module assembly plant to the United States.