British International Investment has invested $100 million for a 10% stake in ReNew Photovoltaics Ltd to enhance solar module and cell manufacturing capacity in India.

Information on the Target

British International Investment (BII) has made a substantial investment of $100 million in ReNew Photovoltaics Ltd, the solar module and cell manufacturing subsidiary of Nasdaq-listed ReNew Energy Global Plc. As a result of this investment, BII will acquire a 10% stake in ReNew Photovoltaics, which values the subsidiary at $1 billion according to a recent filing with the Securities and Exchange Commission. The funding will primarily be directed towards the enhancement of manufacturing capacity, aiming to add 4 gigawatts (GW) to the existing solar module and cell capabilities.

Prior to this investment, ReNew Photovoltaics had an operational capacity of 6.4 GW for modules and 2.5 GW for cells. Following this expansion, the cumulative capacity of ReNew will reach approximately 13 GW, significantly increasing their output potential in the solar manufacturing market.

Industry Overview in India

The solar manufacturing industry in India has witnessed rapid growth over the past decade as the government prioritizes renewable energy to meet its climate goals and reduce reliance on fossil fuels. The Indian government aims to achieve