ReNew Bags $100 Mn BII Funding For Solar Manufacturing in India

ReNew Energy Global Plc has secured an Rs. 8.7 billion (US$100 million) investment from British International Investment (BII), the UK’s development finance institution and impact investor, to accelerate the growth of its solar manufacturing business in India.

The funds will be invested in ReNew Photovoltaics Private Limited, ReNew’s solar manufacturing subsidiary. The transaction, which will see BII acquire a minority stake in the unit, is subject to customary approvals from lenders and regulators. This marks one of BII’s first investments in India’s solar manufacturing sector aimed at building a resilient and self-reliant renewable energy supply chain. The investment will see BII acquire a minority stake in ReNew Photovoltaics. The transaction is subject to customary approvals from lenders and regulatory authorities.

BII’s Investment & ReNew Expansion 

Established in 2021, ReNew Photovoltaics operates a 6.4 GW solar PV module facility and a 2.5 GW solar cell facility located in Jaipur, Rajasthan, and Dholera, Gujarat. The new funding will support the construction of a 4 GW TOPCon solar cell facility in Dholera, Gujarat.

Post-expansion, ReNew’s total manufacturing capacity will be approximately 6.4 GW of modules and 6.4 GW of cells. The expansion is expected to create over 2,000 new jobs and boost domestic production of high-efficiency solar components, reducing India’s reliance on imports and aligning.

With an annual output of 4.0 to 4.5 GW of modules, ReNew Photovoltaics’ facilities will primarily serve ReNew’s internal consumption, with surplus capacity targeted for third-party sales. To date, the facilities have supplied 900 MW to third parties along with additional orders of approximately 1.5 GW, reflecting strong market traction.

Key supply partnerships with customers, such as NTPC and Shakti Pumps, underscore the high quality and reliability of ReNew Photovoltaics’ products. ReNew Photovoltaics will benefit significantly from the demand requirements, strong procurement capabilities as well as the broader ecosystem and relationships created by ReNew.

About The Partnership

Sumant Sinha, Founder, Chairman & CEO, of ReNew, said, “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.”

Sally Taylor, Minister Counsellor, Climate, Science and Tech, British High Commission, said, “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.”

Shilpa Kumar, MD and Head of India, BII, said, “We’re excited to partner with ReNew on our first venture into solar manufacturing in India. This investment is crucial for building and strengthening the renewable energy supply chain in India. Enhancing India’s capacity in solar manufacturing will not only boost clean energy generation but also reduce the country’s dependency on imports, promote sustainable industrialisation and create new jobs. It reinforces BII’s unwavering commitment to making investments that drive sustainable development and climate resilience in India.”