ReNew Energy Global Plc has secured a USD 100 million investment from British International Investment (BII) to expand its solar manufacturing operations in India. The funds will be directed toward ReNew’s solar manufacturing subsidiary, ReNew Photovoltaics Private Limited, to support capacity growth and infrastructure development.
BII will acquire a minority stake in ReNew Photovoltaics as part of the transaction, which remains subject to regulatory and lender approvals. The investment will be used to build a new 4 GW tunnel oxide passivated contact (TOPCon) solar cell facility in Dholera, Gujarat. Following this expansion, ReNew’s total manufacturing capacity will stand at approximately 6.4 GW each for solar cells and modules.
ReNew Photovoltaics currently operates a 6.4 GW module facility in Jaipur, Rajasthan, and a 2.5 GW cell facility in Dholera. According to the company, the expansion is expected to create over 2,000 jobs.
The facilities primarily serve ReNew’s internal demand, with surplus capacity allocated to third-party sales. So far, the company has supplied 900 MW to external customers and received additional orders totaling about 1.5 GW. Current customers include NTPC and Shakti Pumps.
“We are delighted to have BII as an investor in our solar manufacturing business. This partnership underscores our commitment to delivering high quality, top-tier products while making strategic investments that drive sustainable growth and create long-term shareholder value. Venturing into manufacturing was a strategic decision aimed at securing our supply chain, particularly as India advances its objective of indigenising the solar supply chain with a supportive regulatory and policy environment. Beyond ensuring supply stability, our goal was to partner with a like-minded, long-term partner in the manufacturing sector. Backward integration into the module supply chain further reinforces ReNew’s position as a leader in building a resilient, sustainable, and globally competitive clean energy platform,” said Sumant Sinha, Founder, Chairman and CEO of ReNew.
“This investment in ReNew’s solar manufacturing arm 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. The UK Government is pressing ahead with our own clean energy transition, where the private sector is playing a key role, and we are keen to work with India and other countries showing domestic and international leadership on tackling climate change to protect our planet,” said Shilpa Kumar, Managing Director and Head of India at BII.
ReNew Energy Global Plc is listed on Nasdaq and has a clean energy portfolio of approximately 17.4 GW on a gross basis as of February 2025. The company operates across renewable energy generation, digital energy services, storage, and carbon markets.