Reliance Industries eyes acquisition of REC Group – reports

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
REC’s manufacturing facility in Singapore. Image: REC Group.

Indian conglomerate Reliance Industries is close to acquiring solar module manufacturer REC Group, according to media reports in India, as part of the conglomerate’s expansion into the renewable energy sector.

The deal could be worth as much as US$1.2 billion, with India-based Reliance in discussions with banks to raise US$500 – 600 million in financing, newspaper the Economic Times reports.

“We are not responding to the media speculations,” said a spokesperson from REC Group in written comments sent to PV Tech. Reliance Industries didn’t respond to requests for comment by the time of publication.

REC Group, whose CEO left the company earlier this year, started mass production of heterojunction solar cells and modules at its manufacturing complex in Singapore in 2019, taking its total module capacity in the country to 1.8GW annually, the company said at the time.

REC has since launched the second generation of its n-type TOPCon cell-based solar panels and has secured a US distribution deal with BayWa r.e. for its Alpha Series modules.

Reliance Industries, meanwhile, is planning to set up an integrated module factory in India as part of a US$10.1 billion clean energy plan announced by managing director Mukesh Ambani earlier this year. That strategy will also see Reliance aim to enable 100GW of solar as well as construct a battery storage manufacturing plant and green hydrogen and fuel cell facilities.

The company recently invested in long-duration battery technology start-up Ambri as part of a wider US$144 million investment in the US-based firm.

When announcing Reliance’s clean energy plan in June, Mukesh Ambani said: “I envision a future when our country will be transformed from a large importer of fossil energy to a large exporter of clean solar energy solutions.”

India currently has annual manufacturing capacities of around 16GW for modules and 4GW for cells, according to consultancy JMK Research & Analytics.

Read Next

September 16, 2021
Energy engineering firm Babcock & Wilcox is to enter the US solar market through the acquisition of a majority stake in Illinois-based solar contractor Fosler Construction.
September 15, 2021
The Portuguese Renewable Energy Association (APREN) and the Portuguese Association for the Photovoltaic Industry (APESF) have joined forces to represent Portugal's PV sector.  
September 14, 2021
Polish renewables developer PAD-RES is to be acquired by a joint venture established by real estate investor Kajima and private equity firm Griffin Real Estate.
September 13, 2021
The Indian state of Tamil Nadu is planning to develop 4GW of additional solar projects as well as new battery energy storage systems, according to local media.
September 10, 2021
Independent power producer ReNew Power has commissioned a 250MW portion of a 300MW solar plant in the Indian state of Rajasthan.
September 8, 2021
Solar EPC company iSun has bolstered its presence in the US residential segment through an acquisition of installer SunCommon.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021