Reliance Industries made two large acquisitions on October 10, just months after unveiling a $10 billion investment plan in the new energy business.
The acquisitions of Norwegian company REC Solar Holdings and India’s Sterling & Wilson Solar, exceeding $1 billion, will bring in-house capabilities for meeting Reliance’s target of 100 GW of solar energy capacity at Jamnagar by 2030.
They also provide new business avenues on capabilities around solar energy worldwide and also help India reach its green goals with self-reliance in critical technology knowhow and equipment for which it is currently dependent on Chinese companies.
“India has one of the world’s most aggressive plans for renewable energy, looking to deploy more renewables-based electricity capacity by 2030 than the entire power system today,” said Arunabha Ghosh, CEO of the Council on Energy, Environment and Water. “RIL’s acquisition of REC, along with deals to invest in energy storage firm Ambri and acquire EPC firm Sterling & Wilson, signal its determination to follow through on its commitments to enable 100 GW of renewables in support of India’s 450 GW target.
Moreover, RIL’s plans to invest in green hydrogen is another fillip to next-generation climate technologies and could have a big impact on India’s pathways to industrial decarbonisation.”