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Reliance New Energy Solar acquires REC Solar for USD 771 million

Monday, 11 Oct 2021
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Reliance New Energy Solar (RNESL), a wholly-owned subsidiary of Reliance Industries (RIL), has announced acquisition of 100 percent shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co, for an enterprise value of USD 771 million. 
 
REC is headquartered in Norway and has its operational headquarters in Singapore and regional hubs in North America, Europe, Australia and Asia-Pacific. 
 
REC Group is an international pioneering solar energy company leading the industry through its technological innovations and superior, high efficiency and long-life solar cells and panels for clean and affordable solar power. 
 
The 25-year-old company has three manufacturing facilities – two in Norway for making solar grade polysilicon and one in Singapore making PV cells and modules. 
 
REC’s Alpha and Alpha Pure range of solar modules are recognised as among industry leaders in efficiency, reliability and long guaranteed life. 
 
The heterojunction (HJT) technology used by REC helps its modules surpass the performance of other commonly used technologies in the industry. 
 
REC has over 600 utility and design patents, of which 446 are granted and balance are under evaluation. It always had strong focus on research and development and now, coupled with Reliance’s world-class innovation, scale and operational excellence, will further accelerate path-breaking technological developments and introduction of new products. 
 
REC was the first to introduce half-cut Passivated Emitter and Rear Cell (PERC) technology, which is adopted by all major manufacturers today, while REC has moved on to its next generation HJT technology. 
 
REC has more than 1,300 employees globally. They will become members of the Reliance Family after the successful completion of the transaction and become an integral part of the team.
 
Reliance will strongly support REC’s planned expansions including two to three GW cells and module capacity in Singapore, brand new two GW cells and module unit in France and another one GW modules plant in the US. 
 
In India, Reliance plans to use this industry leading technology in their fully integrated, metallic Silicon to PV Panel manufacturing Giga factory at Dhirubhai Ambani Green Energy Giga Complex, Jamnagar, initially starting with four GW per annum capacity and eventually growing to 10 GW per annum. 
 
Reliance’s deep expertise of scale, project execution and operational excellence coupled with REC’s technology will facilitate the establishment of state-of-the-art next-generation fully integrated PV manufacturing facility at Dhirubhai Ambani Green Energy Giga Complex and subsequently replicate such complexes around the world. 
 
The acquisition of REC will help Reliance with a ready global platform and the opportunity to expand and grow in key green energy markets globally, including the US, Europe, Australia and elsewhere in Asia. 
 
Goldman Sachs is acting as the exclusive financial advisor and Davis Polk & Wardwell LLP are acting as legal advisor to Reliance in this transaction.
 
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