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