BII invests $100 million in ReNew Photovoltaics

British International Investment (BII) has invested Rs8,700 million ($100 million) in ReNew Energy Global Plc’s solar manufacturing arm, ReNew Photovoltaics Private Limited.

This is BII’s first investment in solar manufacturing in India, with focus on strengthening the country’s renewable energy supply chain.

The funding will be used to construct a new 4 GW TOPCon solar cell facility in Dholera, Gujarat, and to expand ReNew’s overall manufacturing capacity to 6.4 GW each for modules and cells.

ReNew Photovoltaics currently operates a 6.4 GW solar module facility in Jaipur and a 2.5 GW cell facility in Dholera.

The expansion is likely to generate over 2,000 jobs and contribute to India’s renewable energy goals, including the national target of 500 GW renewable energy capacity by 2030 under the Make in India initiative.

BII will acquire a minority stake in ReNew Photovoltaics, pending customary approvals from lenders and regulators.

ReNew’s manufacturing capacity largely supports its internal consumption, with the surplus allocated to third-party sales.

So far, it has delivered 900 MW to third parties and has orders for an additional 1.5 GW. The company has NTPC and Shakti Pumps among its customers.

Sumant Sinha, founder, chairman and chief executive officer (CEO), ReNew, said, “We are delighted to have BII as an investor in our solar manufacturing business. This partnership underscores our commitment to delivering high quality, top-tier products while making strategic investments that drive sustainable growth and create long-term shareholder value. 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. Backward integration into the module supply chain further reinforces ReNew’s position as a leader in building a resilient, sustainable, and globally competitive clean energy platform.”

Sally Taylor, minister counsellor, climate, science and tech, British High Commission, noted, “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. The UK Government is pressing ahead with our own clean energy transition, where the private sector is playing a key role, and we are keen to work with India and other countries showing domestic and international leadership on tackling climate change to protect our planet.”

Meanwhile, 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.”