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Sumant Sinha, Chairman & CEO of ReNew
ReNew Energy Global said on Tuesday that it has secured ₹870 crore ($100 million) investment from British International Investment (BII), the UK’s development finance institution.
The funding is to accelerate the growth of ReNew’s solar manufacturing business in India. The investment will be made in ReNew Photovoltaics, ReNew’s solar manufacturing subsidiary in India.
This marks BII’s first-ever investment in solar manufacturing in India and underscores its commitment to building a resilient, self-reliant renewable energy supply chain in one of the world’s fastest-growing clean energy markets.
The investment will see BII acquire a minority stake in ReNew Photovoltaics. The transaction is subject to customary approvals from lenders and regulatory authorities.
Established in 2021, ReNew Photovoltaics comprises an operational 6.4 gigawatt (GW) solar PV module facility and a 2.5 GW solar cell facility located in Jaipur (Rajasthan) and Dholera (Gujarat).
BII’s investment will primarily be used to grow the business and expand ReNew Photovoltaics’ manufacturing capacity by setting up a new state-of-the-art 4 GW TOPCon cell facility in Dholera.
Post-expansion, ReNew’s total manufacturing capacity will be around 6.4 GW of modules and 6.4 GW of cells. The expansion is expected to create over 2,000 new jobs and boost domestic production of high-efficiency solar components, ReNew said.
With an annual output of 4-4.5 GW of modules, ReNew Photovoltaics’ facilities will primarily serve ReNew’s internal consumption, with surplus capacity targeted for third-party sales, it added.
To date, the facilities have supplied 900 megawatt (MW) to third parties along with additional orders of around 1.5 GW, reflecting strong market traction. ReNew Photovoltaics will benefit significantly from the demand requirements, strong procurement capabilities as well as the broader ecosystem and relationships created by ReNew.
The partnership between BII and ReNew aligns with both organisations’ commitment to advancing India’s renewable energy landscape and contributing to global climate change mitigation efforts.
Sumant Sinha, Chairman & CEO of ReNew, said “Venturing into manufacturing was a strategic decision aimed at securing our supply chain, particularly as India advances its objective of indigenising the solar supply chain with a supportive regulatory and policy environment.”
Beyond ensuring supply stability, ReNew’s goal was to partner with a like-minded, long-term partner in the manufacturing sector, he added.
Shilpa Kumar, MD and Head of India at BII, said “This investment is crucial for building and strengthening RE supply chain in India. Enhancing India’s capacity in solar manufacturing will not only boost clean energy generation but also reduce the country’s dependency on imports, promote sustainable industrialisation and create new jobs.”
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Published on May 6, 2025
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