With a 10 per cent stake, UK’s BII plugs in ₹8.7 billion in ReNew’s solar unit to build a 4GW Gujarat facility, boosting local manufacturing and job creation.
British International Investment (BII), the UK government’s development finance institution, has announced a ₹8.7 billion (approximately $100 million) investment in ReNew Photovoltaics Private Limited, the solar manufacturing subsidiary of Nasdaq-listed ReNew Energy Global Plc.
The deal gives BII a 10 per cent equity stake in the company and marks its first direct investment in India’s solar manufacturing sector. The capital infusion will support the construction of a new 4GW TOPCon solar cell facility in Dholera, Gujarat.
ReNew aims to use this expansion to strengthen domestic solar production and reduce dependency on imports. The company currently operates a 6.4GW solar module manufacturing facility and a 2.5GW solar cell plant. The new facility will significantly scale up capacity and is expected to create around 2000 jobs.
“Beyond ensuring supply stability, our goal was to partner with a like-minded, long-term partner in the manufacturing sector,” said Sumant Sinha, ReNew’s Founder, Chairman and CEO. “We are delighted to have BII as an investor in our solar manufacturing business,” he said.
ReNew has sought equity partners over the past year to fund its manufacturing growth and manage debt. Though the firm considered an IPO for the manufacturing unit, it eventually chose to raise funds through private investment.
The solar cells and modules produced by ReNew are primarily intended for internal consumption. Still, the company has already supplied 900MW to third-party buyers and secured additional orders totalling 1.5GW from clients such as NTPC and Shakti Pumps.
According to Sally Taylor, Minister Counsellor for Climate and Science at the British High Commission, the investment aligns with the UK’s commitment to supporting India’s clean energy transition. “This investment 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,” she said.
The transaction is subject to regulatory and lender approvals and is expected to close later this year.
