British International Investment invests INR 8700 million in ReNew Photovoltaics to expand solar manufacturing and create 2,000 jobs in India.

Target Information

ReNew Photovoltaics Private Limited, a subsidiary of ReNew Energy Global Plc, is positioned at the forefront of solar manufacturing in India. Established in 2021, the company operates a solar photovoltaic (PV) module facility with a capacity of 6.4 GW and a solar cell facility of 2.5 GW, located in Jaipur, Rajasthan, and Dholera, Gujarat. With the recent investment from British International Investment (BII), ReNew Photovoltaics aims to construct a new state-of-the-art 4 GW TOPCon cell facility in Dholera, thereby significantly expanding its manufacturing capabilities and reinforcing its role in the renewable energy sector.

This investment marks a pivotal moment for ReNew Photovoltaics, particularly as it seeks to cater to both internal consumption and third-party sales, further enhancing its market presence. The expansion is set to create over 2,000 new jobs while promoting domestic production of high-efficiency solar components, ultimately decreasing India’s reliance on imports and supporting the government’s ambitious renewable energy goals.

Industry Overview in India

The renewable energy sector in India is experiencing rapid growth, driven by government initiatives aimed at achieving a renewable energy capacity of 500 GW by 2030. With an increasing emphasis on self-reliance, the Indian government has nurtured an environment