ReNew Energy Global Plc (ReNew), a leading company in decarbonization solutions, has secured a \$100 million (INR 8700 million) investment from British International Investment (BII), the UK’s development finance institution and impact investor. This funding will support the growth of ReNew’s solar manufacturing business in India through its subsidiary, ReNew Photovoltaics Private Limited. This marks BII’s first investment in solar manufacturing in India, highlighting its commitment to strengthening the country’s renewable energy supply chain, especially in one of the world’s fastest-growing clean energy markets. The investment will allow BII to acquire a minority stake in ReNew Photovoltaics, pending approval from lenders and regulatory authorities.

Founded in 2021, ReNew Photovoltaics operates a 6.4 GW solar PV module facility and a 2.5 GW solar cell facility in Jaipur and Dholera, Gujarat. BII’s investment will be used to expand these facilities, including the construction of a 4 GW TOPCon cell facility in Dholera. After this expansion, ReNew’s total manufacturing capacity will reach 6.4 GW of modules and 6.4 GW of cells. The expansion is expected to create over 2,000 new jobs and increase domestic production of high-efficiency solar components, reducing India’s reliance on imports and supporting the Government of India’s 500 GW renewable energy target by 2030.

Sumant Sinha, Founder, Chairman & CEO, ReNew, mentioned, “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, also added, “This investment in ReNew’s solar manufacturing arm is a positive development that will diversify the supply of panels and further build 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.”

Shilpa Kumar, MD and Head of India, BII, stated, “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. It reinforces BII’s unwavering commitment to making investments that drive sustainable development and climate resilience in India.”

ReNew Photovoltaics will primarily use its facilities to meet ReNew’s own needs, with surplus capacity available for third-party sales. To date, the company has already supplied 900 MW to external clients and has secured additional orders totaling 1.5 GW, indicating strong demand. The company has established key partnerships with customers like NTPC and Shakti Pumps, which showcase the high quality and reliability of its products. The partnership between BII and ReNew is in line with both organizations’ shared goal of advancing India’s renewable energy sector and contributing to global efforts to mitigate climate change.