India’s Reliance Industries Ltd on Sunday announced acquisition of REC Solar Holdings for an enterprise value of $771 million from China National Bluestar (Group) Co Ltd as it seeks to become net carbon zero by 2035.
The purchase of the Norwegian solar panel maker by the conglomerate’s Reliance New Energy Solar Ltd (RNESL) follows the June announcement by the parent – operator of the world’s biggest refining complex – that it would invest $10.1 billion in clean energy over three years.
Reliance, owned by Asia’s richest man, Mukesh Ambani, plans to build solar capacity of at least 100 gigawatts (GW) by 2030, accounting for over a fifth of India’s target of installing 450 GW by the end of this decade.
The group aims to build four “giga factories” to produce solar cells and modules, energy storage batteries, fuel cells and green hydrogen.
“Together with our other recent investments, Reliance is now ready to set up a global scale integrated Photovoltaic Giga factory and make India a manufacturing hub for lowest cost and highest efficiency solar panels,” Ambani said in the statement.
RNESL said in August it would invest $50 million in U.S. energy storage company Ambri Inc as part of a $144 million investment by Reliance Industries, along with billionaire Bill Gates, investment management firm Paulson & Co and others.