ReNew Energy's Solar Vision Gets a ₹870 Crore Boost from BII

ReNew Energy Global has secured a ₹870 crore (USD 100 million) investment from British International Investment (BII), marking the UK development finance institution’s entry into India’s solar manufacturing sector.

The funding will support ReNew Photovoltaics, a wholly owned subsidiary focused on domestic solar component production. As part of the deal, BII will acquire a minority stake in ReNew Photovoltaics, pending regulatory and lender approvals. This investment highlights BII’s strategic commitment to strengthening a resilient and self-sufficient renewable energy supply chain in one of the world’s fastest-growing clean energy markets.

Founded in 2021, ReNew Photovoltaics operates a 6.4 GW solar PV module facility and a 2.5 GW solar cell facility in Jaipur, Rajasthan, and Dholera, Gujarat. The new capital infusion will fund the development of a state-of-the-art 4 GW TOPCon solar cell facility in Dholera, increasing the company's solar cell manufacturing capacity to 6.4 GW—matching its existing module production capacity.

The expansion is expected to create over 2,000 new jobs and significantly boost the domestic output of high-efficiency solar components. While a majority of the production will support ReNew’s internal renewable energy projects, surplus capacity will be sold to third-party customers. To date, ReNew has supplied 900 MW to external buyers, with an additional 1.5 GW currently in the pipeline.

News by Rahul Yelligetti.