Reliance New Energy Solar (RNES) is acquiring Norway-based module manufacturer REC Group from China National Bluestar Group for $771 million and will move forward with plans to develop a 1 GW module facility in the U.S.
RNES is an arm of Indian multinational company Reliance Industries Ltd. Earlier this year, it announced plans to invest close to $10 billion to establish a “fully integrated, end-to-end renewable energy ecosystem.” The company also announced it acquired a 40% stake in engineering, procurement, and construction supplier Sterling and Wilson.
RNES plans to integrate REC’s production technology in its plans for a vertically integrated, silicon-to-module manufacturing site in Jamnagar, India. REC Group additionally stated that its new owner’s financial strength will help it to realize plans to expand its current base of around 2 GW PV cell and module production capacity located in Singapore to 5 GW over the next two to three years, add new 2 GW cells and module facility in France, as well as the planned 1 GW module facility in the U.S.
Currently, REC has three manufacturing facilities – two in Norway for making solar-grade polysilicon and one in Singapore for producing PV cells and modules, and a global workforce of over 1,300.
Reliance Industries is led by Mukesh Ambani, currently ranked by Bloomberg as the 11th richest person in the world. The group reported net profits of $7.4 billion for the year ending March 31, primarily from activities in the fossil fuel segment. In June, Ambani announced plans to invest up to $10 billion in a new venture across the renewable energy sector, including plans to span the entire solar supply chain, as well as make investments in energy storage and hydrogen.