ReNew secures Rs 8.7 billion from BII for solar cell manufacturing

ReNew Energy Global has secured an investment of Rs 8.7 billion from British International Investment (BII) in its subsidiary, ReNew Photovoltaics. 

This is BII’s first investment in India’s solar manufacturing sector and involves the acquisition of a minority stake in the subsidiary.

The funding will be used to build a new 4 GW TOPCon solar cell facility in Dholera, Gujarat. Once complete, ReNew’s total manufacturing capacity will rise to 6.4 GW of solar modules and 6.4 GW of solar cells.

ReNew Photovoltaics currently operates a 6.4 GW module facility and a 2.5 GW cell facility across Jaipur and Dholera. The new project is expected to generate over 2,000 jobs and contribute to India’s domestic solar manufacturing goals. The transaction is subject to customary regulatory and lender approvals.

The expansion supports India’s push to localise clean energy manufacturing. It also strengthens ReNew’s vertical integration strategy and supply chain resilience in the solar sector.