BII invests $100M in ReNew to boost India's solar manufacturing

ReNew Energy Global Plc ("ReNew") is a leading provider of decarbonisation solutions. BII has made a $100 million (INR 8700 million) investment in ReNew to support the growth of industrial scale solar in India. The funds will primarily be used for ReNew's solar manufacturing division in India, ReNew Photovoltaics Private Limited ("ReNew Photovoltaics" or "Company").

This will be BII's first investment in solar manufacturing in India and demonstrates BII's long-term commitment to building a strong domestic renewable energy supply chain in one of the fastest growing clean energy markets in the world.

The funds from BII will primarily be invested in developing the business and increasing the Company's production footprint with the construction of a modern 4 GW TOPCon cell facility in Dholera, Gujarat. On the conclusion of our expansion, ReNew will have approximately 6.4 GW of manufacturing capacity for modules and 6.4 GW of capacity for cells.

The expansion is expected to create over 2000 jobs, and increase national production capacity of high efficiency solar components, reducing India's dependency on imports, and contributing to the Government of India's goal of a total renewable energy capacity of 500 GW by 2030, in conjunction with the Make in India initiative.

The relationship between BII and ReNew showcases a shared commitment between two organizations to grow India's renewable energy industry and develop solutions to combat global climate change.