Reliance Industries looks to buy Norwegian solar module maker REC
bReliance Industries Ltd (RIL) is looking to buy Norwegian solar module maker REC Group as part of the oil refiner’s ₹75,000 crore push into clean energy, said two people aware of the development.
Chairman Mukesh Ambani had announced plans to set up the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar at the company’s annual general meeting last month. The complex will have an integrated solar photovoltaic (PV) module giga factory.
Norway’s REC Group has an annual solar panel production capacity of 1.8 gigawatts (GW) and has installed around 10GW capacity globally. REC, founded in 1996, has regional hubs in North America, Europe and Asia-Pacific.
In an emailed response, a spokesperson for RIL declined to “comment on media speculation and rumours”.
“Our company evaluates various opportunities on an ongoing basis,” the spokesperson said.
An REC Group spokesperson said the firm “is in general not commenting about rumours in the marketplace.”
Although India is planning to develop 175GW of renewable capacity, including 100GW of solar, the solar equipment space is dominated by Chinese manufacturers such as Trina Solar Ltd, Jinko Solar, ET Solar, Chint Solar and GCL-Poly Energy Holdings Ltd. India has a manufacturing capacity of only 3GW for solar cells and 15GW for solar modules.