Reliance Industries Buys Norwegian Solar Cells Maker at Value of $771M

Source: www.gulfoilandgas.com 10/10/2021, Location: Europe

Reliance Industries Ltd. has acquired a Norway- headquartered solar cells and panels manufacturer for an enterprise value of $771 million, as part of the Indian conglomerate's expansion into renewable energy.

India's largest listed company by market capitalization will buy REC Solar Holdings AS from China National Bluestar (Group) Co., Reliance said late Sunday.

REC builds solar cells and panels. It has three manufacturing facilities, two of which are in Norway and make solar-grade polysilicon, and one in Singapore that makes photovoltaic cells and modules.

Reliance said that it will support REC's expansion plans in Singapore as well as the setting up of a new two-gigawatt cells and module unit in France and another one-gigawatt modules plant in the U.S.

"The acquisition of REC will help Reliance with a ready global platform and the opportunity to expand and grow in key green energy markets globally, including in the U.S., Europe, Australia and elsewhere in Asia," it said.

In a separate statement, Reliance said that it will acquire a 40% stake in Sterling & Wilson Solar Ltd. SWSL is an engineering, procurement and construction contractor in the renewables industry.

The acquisition will provide a further push for Reliance's goal to build up to 100 gigawatts of solar energy in India by 2030, it said.


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