Thursday, December 2nd, 2021

Reliance Industries: Reliance’s big step in solar energy sector, bought Chinese company IEC Solar Holdings for $ 77 million

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Amazon Sale


News Desk, Amar Ujala, New Delhi

Published by: Surendra Joshi
Updated Sun, 10 Oct 2021 06:32 PM IST

Summary

Commenting on the acquisition, Mukesh Ambani, Chairman, IIL said, “I am extremely happy with the acquisition of REC as it will help harness the unlimited and year-round solar power of the Sun God.”

industrialist mukesh ambani
– Photo : PTI

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Reliance New Energy Solar Limited (RNESL), a subsidiary of the country’s largest industrialist Mukesh Ambani’s company Reliance Industries Limited, has taken a big step in the solar energy sector. Reliance New Energy has acquired 100% stake in REC Solar Holdings AS (REC Group) from China National Bluestar (Group). The deal was done for $7710 million.

Chinese company REC is a multinational solar energy company. It is known for its technological innovation, manufacturing of economical solar power panels with high efficiency. For the past 25 years, it has been one of the world’s leading solar panel and polysilicon manufacturing companies. REC Solar Holdings is headquartered in Norway and its operational headquarters are in Singapore. The company has regional offices in North America, Europe, Australia and Asia-Pacific. There are two manufacturing units in Norway and one in Singapore.

Mukesh Ambani, Chairman, Reliance Industries Limited, said, “I am extremely happy with the acquisition of REC as it will help harness the unlimited and year-round solar power of the Sun God. This acquisition is in line with our strategy to invest in new and advanced technologies, achieving Reliance’s goal of creating 100 GW of clean and green power before the end of the decade. This will be the biggest contribution of any single company in achieving PM Modi’s goal of producing 450 GW of renewable energy in India by 2030. It will help India overcome the climate crisis and become a world leader in green energy. This will enable customers in India and worldwide markets to get high quality and reliable products at affordable prices. I am very excited about these opportunities that will create millions of green jobs in a decentralized manner in rural and urban areas.

REC has more than 600 patents
REC holds over 600 utility and design patents. Of these, 446 are approved and the rest are under evaluation. REC is a globally trusted brand known for its innovation. REC employs more than 1,300 employees. They will become part of the Reliance family. Reliance will use REC’s best technologies at the Dhirubhai Ambani Green Energy Giga Complex to be built in Jamnagar.

Expansion

Reliance New Energy Solar Limited (RNESL), a subsidiary of the country’s largest industrialist Mukesh Ambani’s company Reliance Industries Limited, has taken a big step in the solar energy sector. Reliance New Energy has acquired 100% stake in REC Solar Holdings AS (REC Group) from China National Bluestar (Group). The deal was done for $7710 million.

Chinese company REC is a multinational solar energy company. It is known for its technological innovation, manufacturing of economical solar power panels with high efficiency. For the past 25 years, it has been one of the world’s leading solar panel and polysilicon manufacturing companies. REC Solar Holdings is headquartered in Norway and its operational headquarters are in Singapore. The company has regional offices in North America, Europe, Australia and Asia-Pacific. There are two manufacturing units in Norway and one in Singapore.

Mukesh Ambani, Chairman, Reliance Industries Limited, said, “I am extremely happy with the acquisition of REC as it will help harness the unlimited and year-round solar power of the Sun God. This acquisition is in line with our strategy to invest in new and advanced technologies, achieving Reliance’s goal of creating 100 GW of clean and green power before the end of the decade. This will be the biggest contribution of any single company in achieving PM Modi’s goal of producing 450 GW of renewable energy in India by 2030. It will help India overcome the climate crisis and become a world leader in green energy. This will enable customers in India and worldwide markets to get high quality and reliable products at affordable prices. I am very excited about these opportunities that will create millions of green jobs in a decentralized manner in rural and urban areas.

REC has more than 600 patents

REC holds over 600 utility and design patents. Of these, 446 are approved and the rest are under evaluation. REC is a globally trusted brand known for its innovation. REC employs more than 1,300 employees. They will become part of the Reliance family. Reliance will use REC’s best technologies at the Dhirubhai Ambani Green Energy Giga Complex to be built in Jamnagar.

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