4GW! BII’s $103 Million Investment in ReNew Photovoltaics to Add TOPCon Factory

PVTIME – British International Investment (BII) has announced a significant $103 million (INR 8.7 billion) investment in ReNew Photovoltaics Pvt Ltd, marking its first foray into India’s solar equipment supply chain. This strategic move comes at a pivotal time as India accelerates its transition to renewable energy and strengthens domestic manufacturing capabilities.

The funds will be used to build a state-of-the-art 4GW TOPCon battery production line. Once operational, ReNew’s total solar cell capacity will exceed 6GW, significantly strengthening its position in the renewable energy market. When it opens in 2021, ReNew will already have an impressive 6.4GW of PV module capacity and 2.5GW of solar cell capacity.

This investment isn’t just about increasing production numbers; it’s a calculated step towards self-sufficiency. By ramping up local battery production, ReNew will reduce its reliance on imported components, in line with India’s Production Linked Incentive policy. The policy aims to promote domestic manufacturing and reduce the country’s dependence on foreign suppliers in key sectors, including renewable energy.

ReNew’s management believes that domestic production of batteries and components will act as a triple threat. It will ensure the seamless execution of its expansive portfolio of over 13GW of operational wind and solar assets, as well as the 10GW of projects currently under development. This vertical integration will also protect margins and position the company to export cutting-edge solar technology as global demand for renewable energy soars.

ReNew’s new production line will serve a dual purpose. While a significant proportion of the batteries will power its own large-scale solar projects, the surplus will be exported, capitalising on the growing international appetite for solar energy solutions.

ReNew’s expansion comes hot on the heels of another major development in India’s solar manufacturing sector. INOX GFL, a diversified Indian conglomerate, recently secured 78 acres of land in the Dhenkanal region of Odisha, with the green light from the state government. The company plans to build a massive 4.8GW solar cell and module factory, a project worth 40 billion Indian rupees ($480 million) that has been formally approved by the state’s High Level Clearance Authority (HLCA).

The INOX GFL project demonstrates India’s commitment to the ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives. The Chief Minister of Odisha, Mohan Charan Majhi, personally oversaw the land approval process, underlining the state’s commitment to becoming a hub for solar manufacturing. When completed, the facility will be one of the largest solar manufacturing bases in eastern India.

Together, these two developments signal a new era for India’s renewable energy sector. With significant investment flowing in and ambitious manufacturing projects underway, India is not only strengthening its energy security but also positioning itself as a major player in the global solar energy market. As BII’s investment in ReNew and INOX GFL’s Odisha project gain momentum, they will be catalysts for further growth, innovation and job creation in India’s burgeoning renewable energy ecosystem.