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The acquisition of REC will help Reliance with a ready global platform and the opportunity to grow and expand into key green energy.
Reliance New Energy Solar Ltd (RNESL), a 100% subsidiary of Reliance Industries Ltd (RIL), announced the acquisition of 100% of the shares of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd., with an enterprise value of $ 771 million.
“REC’s line of Alpha and Alpha Pure solar modules is recognized as one of the industry leaders in terms of efficiency, reliability and guaranteed long life,” RIL said in a statement.
“The heterojunction (HJT) technology used by REC helps its modules outperform other technologies commonly used in industry,” he added.
Based in Norway, REC has its operational headquarters in Singapore and regional centers in North America, Europe, Australia and Asia-Pacific.
The 25-year-old company has three manufacturing plants: two in Norway for the manufacture of solar grade polysilicon and one in Singapore for the manufacture of photovoltaic cells and modules.
Reliance said it will support REC’s planned expansions, including 2-3 GW cell and module capacity in Singapore, a brand new 2 GW cell and module unit in France and another module plant from 1 GW in the United States.
In India, it is planned to use this technology at its fully integrated and fully integrated silicon metal photovoltaic panel manufacturing plant at the Giga Dhirubhai Ambani Green Energy complex, in Jamnagar, initially starting with a capacity of 4 GW per year and rising to finally to 10 GW per year.
The acquisition of REC will help Reliance with a ready global platform and the opportunity to grow and expand into key green energy markets around the world, including the United States, Europe, Australia and elsewhere in Asia, he said.
Mukesh Ambani, President of RIL, said: “This 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 of clean and green energy. before the end of this decade. “
“In addition to our other recent investments, Reliance is now poised to build a globally integrated photovoltaic plant and establish India as a center for low cost, high efficiency solar panel manufacturing. We will continue to invest, build and collaborate with global players to achieve the highest reliability, efficiency and cost savings to provide reliable, high quality power at affordable prices to our customers in India and across markets around the world, ”he said.
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