ReNew Energy Global Plc has secured a $100 million (INR 8,700 million) investment from British International Investment (BII) to scale up its solar manufacturing operations in India, marking BII’s first foray into the country’s solar manufacturing sector.
The funding will support ReNew’s wholly owned subsidiary, ReNew Photovoltaics Private Limited, in expanding its production capacity. The investment will be directed towards the construction of a new 4 GW TOPCon solar cell facility in Dholera, Gujarat. Once complete, this will bring ReNew’s total capacity to 6.4 GW of solar modules and 6.4 GW of solar cells, significantly enhancing India’s domestic solar manufacturing capabilities.
Established in 2021, ReNew Photovoltaics already operates a 6.4 GW module facility and a 2.5 GW cell plant in Jaipur and Dholera respectively. The expansion is expected to generate more than 2,000 new jobs and aligns with India’s ambitions to reach 500 GW of renewable energy capacity by 2030 and reduce reliance on imported solar components under the ‘Make in India’ initiative.
The investment underlines the strategic partnership between ReNew and the UK’s development finance institution, reflecting shared goals of building a resilient renewable energy supply chain and supporting climate action.
Sumant Sinha, Founder, Chairman and CEO of ReNew, said the partnership with BII affirms the company’s focus on delivering top-tier solar products while reinforcing its commitment to a secure and self-reliant supply chain. “Backward integration into the module supply chain strengthens ReNew’s position as a leader in sustainable and globally competitive clean energy solutions,” he said.
BII will acquire a minority stake in ReNew Photovoltaics as part of the transaction, which remains subject to regulatory and lender approvals.
Commenting on the development, Shilpa Kumar, Managing Director and Head of India at BII, said the investment will play a critical role in enhancing domestic manufacturing, promoting sustainable industrialisation, and reducing India’s import dependency. “This partnership reflects BII’s dedication to supporting climate-resilient growth and job creation in India,” she noted.
Sally Taylor, Minister Counsellor for Climate, Science and Tech at the British High Commission, added that the move reinforces UK-India collaboration on clean energy. “It will diversify the solar panel supply chain and further deepen our partnership in addressing global climate challenges,” she said.
