ReNew Energy Global (ReNew) has secured an INR 8,700 million ($100 million) investment from British International Investment (BII), the UK’s development finance institution and impact investor. The investment will help ReNew to accelerate the growth of its solar manufacturing business in India and marks BII’s first-ever investment in solar manufacturing in India.
The investment will be made in ReNew Photovoltaics, ReNew’s dedicated solar manufacturing subsidiary in India. ReNew Photovoltaics, established in 2021, has an operational 6.4 GW solar PV module facility and a 2.5 GW solar cell facility, in Jaipur (Rajasthan) and Dholera (Gujarat).
The investment will see BII acquire a minority stake in ReNewPhotovoltaics. The transaction is subject to customary approvals from lenders and regulatory authorities.
ReNew will use the funding to expand its manufacturing capacity through the construction of a new state-of-the-art 4 GW TOPCon cell facility in Dholera, Gujarat.
Post-expansion, ReNew will reach total manufacturing capacity of around 6.4 GW for modules and 6.4 GW for cells. The expansion is expected to create over 2,000 new jobs.
With an annual output of 4 to 4.5 GW of modules, ReNew Photovoltaics’ facilities will primarily serve ReNew’s internal consumption, with surplus capacity targeted for third-party sales. To date, the facilities have supplied 900 MW to third parties along with additional orders of around 1.5 GW. Key customers include NTPC and Shakti Pumps.
“This partnership [with BII] underscores our commitment to delivering high quality, top-tier products while making strategic investments that drive sustainable growth and create long-term shareholder value,” said Sumant Sinha, founder, Chairman & CEO, ReNew. “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, our goal was to partner with a like-minded, long-term partner in the manufacturing sector.”
Sally Taylor, minister counsellor, climate, science and tech, British High Commission, said, “This investment in ReNew’s solar manufacturing arm is a positive development that will diversify the supply of panels and further builds the strong partnership between the UK and India on clean energy.”
Shilpa Kumar, managing director and Head of India, BII, said, “We’re excited to partner with ReNew on our first venture into solar manufacturing in India. This investment is crucial for building and strengthening the renewable energy 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.”
ReNew is a decarbonisation solutions company with a clean energy portfolio of 17.4 GW on a gross basis as of Feb. 14, 2025. In addition to being a private-sector power producer in India, the company has ventured into solar manufacturing to secure its supply chain.
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