A unit of Reliance Industries has taken over solar panel maker REC Solar Holdings AS in a $ 771 million deal as Indian conglomerate of billionaire Mukesh Ambani seeks to expand its dominance in alternative energy.
Reliance stated, in a statement, today, Sunday, that the purchase of REC Solar based in Norway will help its subsidiary, Reliance New Energy, expand its green energy business globally, including markets in the US, Europe, Asia and Australia. .
Reliance Industries president Mukesh Ambani pledged to spend $ 10 billion in June in green energy in three years, putting it in direct competition with billionaire Gautam Adani’s Adani Group, which plans to invest $ 20 billion in 10 years in his business of renewable energies.
The statement shows that REC produces panels and modules in solar grade polysilicon at factories in Norway and Singapore and has more than 1,300 employees in Worldwide.
Reliance will use REC technology to produce silicon metal and solar panels at its giant plant in Jamnagar, Gujarat. The plant’s annual capacity will expand to 10 gigawatts from 4 gigawatts. Reliance will also strongly support REC’s planned expansion to Singapore, France and the United States.
“AND in in line with our investing strategy in new and advanced technologies and operational capabilities that aims to achieve Reliance’s goal of producing 100 GW of clean and green energy panels by the end of this decade, ”Ambani said in the statement.
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