Reliance acquires Norway-headquartered REC group for $ 771 million as part of mega solar power
Reliance Industries Limited (RIL) on Sunday acquired Norwegian solar module maker REC Solar Holdings (REC Group) for an enterprise value of $ 771 million (about Rs 5,800 crore) from China National Bluestar. REC Group is an international company leader in the field of solar energy for its pioneering innovations. It is known for its high efficiency, long life solar cells and panels for clean and affordable solar energy.
Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of RIL, acquired REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd., for an enterprise value of $ 771 million RIL said in a statement.
Speaking about the acquisition, RIL President and CEO Mukesh Ambani said, “I am extremely pleased with our acquisition of REC as it will help Reliance harness the unlimited and permanent power of Soorya Dev, the Sun God, that India is fortunate to be blessed with it. “
RIL said that REC has more than 1,300 employees globally and that they will become proud members of the Reliance family upon the successful completion of the transaction and will be an integral part of the team leading one of the most ambitious missions. in the world to lead the green energy transition. .
At the company’s annual general meeting earlier this year, the chairman of Reliance Industries announced the company’s mega plan to invest Rs 75,000 crore over the next three years to set up four giga factories. renewable energy in Jamnagar, Gujarat. As part of the plan, the petroleum, telecommunications and retail conglomerate has already started to develop the Dhirubhai Ambani Green Energy Giga complex on 5,000 acres in Jamnagar. “This will be one of the largest integrated renewable energy manufacturing facilities in the world …” Ambani said, revealing RIL’s green energy plan.
The complex will cover the full spectrum of renewable energies with four giga-factories —— an integrated solar photovoltaic module plant, an advanced energy storage battery plant, an electrolyzer plant for the production of green hydrogen and a plant. of fuel cells.
Expressing why green hydrogen is important to the planet, Mukesh Ambani said at the 2021 International Climate Summit: “Green hydrogen is zero carbon energy. It is the best and cleanest source of energy, which can play a fundamental role in the world’s decarbonization plans. “
The Norwegian group REC has an annual solar panel production capacity of 1.8 gigawatt (GW). Founded in 1996, REC Group is one of the largest players in the market. It has installed a capacity of around 10 GW around the world so far. The Norwegian company has regional hubs in North America, Europe and Asia-Pacific.
By 2030, Reliance Industries plans to develop the capacity to generate at least 100 gigawatts of electricity from renewable sources, which can be converted to carbon-free green hydrogen, Mukesh Ambani said earlier.
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