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Reliance New Energy acquires REC Solar Holdings for $771 million

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The acquisition of REC will help Reliance with a ready global platform and the opportunity to expand and grow in key green energy.

Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of Reliance Industries Ltd (RIL), has announced the acquisition of 100% shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd., for an Enterprise Value of $771 million.

“REC’s Alpha and Alpha Pure range of solar modules are recognized as among industry leaders in efficiency, reliability and long guaranteed life,” RIL said in a statement.

“The heterojunction (HJT) technology used by REC helps its modules surpass the performance of other commonly used technologies in the industry,” it added.

Headquartered in Norway REC has its operational headquarters in Singapore and regional hubs in North America, Europe, Australia, and Asia-Pacific.

The 25-year-old company has three manufacturing facilities – two in Norway for making solar grade polysilicon and one in Singapore making PV cells and modules.

Reliance said it will support for REC’s planned expansions including 2-3 GW Cells and Module capacity in Singapore, brand new 2 GW Cells and Module unit in France and another 1 GW Modules plant in the U.S.

In India, plans are to use this technology in its fully integrated,metallic Silicon to PV Panel manufacturing giga factory at Dhirubhai Ambani Green Energy Giga Complex, Jamnagar initially starting with 4 GW per annum capacity and eventually growing to 10 GW per annum.

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 US, Europe, Australia and elsewhere in Asia, it said.

Mukesh Ambani, Chairman, RIL, said: “It is in line with our strategy of investing in new and advanced technologies and operating capabilities aimed at achieving Reliance’s goal of enabling 100 GW clean and green energy before the end of this decade.”

“Together with our other recent investments, Reliance is now ready to set up a global scale integrated Photovoltaic Giga factory and make India a manufacturing hub for lowest cost and highest efficiency solar panels. We will continue to invest, build and collaborate with global players to achieve the highest reliability, efficiency and economies to deliver high- quality, reliable power at affordable prices to our customers both in India and markets worldwide,” he said.



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