Eye on international power market, Reliance buys REC Solar Holdings in $771-million deal

Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of RIL, on Sunday stated it has acquired 100 per cent shareholding in REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co for an enterprise worth of $771 million (Rs 5,780 crore).
Headquartered in Norway, REC has its operational headquarters in Singapore and regional hubs in Europe, Australia, North America, and Asia-Pacific.
The 25-year-old firm has three manufacturing services — two in Norway for making photo voltaic grade polysilicon and one in Singapore making photograph voltaic (PV) cells and modules.
The heterojunction (HJT) expertise utilized by REC helps its modules surpass the efficiency of different generally used applied sciences within the trade.
REC Group is a global pioneering photo voltaic power firm main the trade via its technological improvements and superior, excessive effectivity and long-life photo voltaic cells and panels for clear and inexpensive solar energy, RNESL stated in a press release.
“REC’s Alpha and Alpha Pure range of solar modules are recognized as among industry leaders in efficiency, reliability and long guaranteed life,” Reliance Industries Ltd (RIL) stated.
REC has over 600 utility and design patents, of which 446 are granted and stability are below analysis. “It always had a strong focus on research and development and now, coupled with Reliance’s world-class innovation, scale, and operational excellence, will further accelerate path breaking technological developments and introduction of new products,” RIL added.

ExplainedMay assist minimize photo voltaic panel pricesThe acquisition of REC Solar Holdings might increase manufacturing of PV cells at RIL’s Dhirubhai Ambani Green Energy Giga Complex in Jamnagar. This may assist the conglomerate decrease the price of photo voltaic panels and create a producing hub.

The assertion additional stated, “REC has more than 1,300 employees globally. They will become proud members of the Reliance Family after the successful completion of the transaction and become an integral part of the team that is driving one of the world’s most ambitious missions to drive green energy transition.”

REC was the primary to introduce half minimize Passivated Emitter and Rear Cell (PERC) expertise, which is adopted by all main producers, whereas REC has moved on to its subsequent technology HJT expertise. REC’s Norway operation is distinguished by its low carbon footprint within the manufacture of polysilicon.
Reliance stated it’s going to strongly help REC’s deliberate expansions together with 2-3 GW cells and module capability in Singapore, model new 2 GW cells and module models in France and one other 1 GW modules plant within the US.
In India, Reliance plans to make use of this expertise in its absolutely built-in, metallic silicon to PV panel manufacturing giga manufacturing facility at Dhirubhai Ambani Green Energy Giga Complex, Jamnagar, initially beginning with 4 GW each year capability and finally rising to 10 GW each year.

“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 stated.
Mukesh Ambani, Chairman, Reliance Industries, stated, “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.”