NEW DELHI — ReNew Energy Global Plc, a leading Indian renewable energy company headquartered in Gurgaon, has raised $100 million (Rs 870 crore) from British International Investment (BII), the UK government’s development finance institution, to scale up its solar manufacturing business in India.
The funding marks BII’s first-ever investment in solar manufacturing in India, underscoring the UK’s commitment to building a self-reliant and resilient green energy supply chain in one of the world’s most dynamic renewable markets.
The investment will see BII take a minority stake in ReNew Photovoltaics Private Limited, a wholly owned subsidiary of ReNew focused on solar equipment manufacturing. The specific equity share acquired has not been disclosed.
Expansion Plans in Rajasthan and Gujarat
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) respectively.
The new capital infusion will primarily fund the construction of a cutting-edge 4 GW TOPCon (Tunnel Oxide Passivated Contact) solar cell facility in Dholera, a strategic expansion that will boost ReNew’s total manufacturing capacity to 6.4 GW each for modules and cells.
Once expanded, ReNew will produce 4.0–4.5 GW of solar modules annually, largely to meet its internal project requirements, with excess capacity sold to third-party customers.
Strategic Intent and Global Ties
“This investment was a strategic move to secure our supply chain and support India’s goal of solar indigenisation,” said Sumant Sinha, ReNew’s founder, chairman, and CEO. “We were also looking for a long-term partner aligned with our vision—and in BII, we have found that.”
BII’s commitment comes as part of its larger climate finance strategy and bolsters the UK-India clean energy partnership, which has grown significantly in recent years.
Sally Taylor, Minister Counsellor for Climate, Science and Tech at the British High Commission, noted: “This investment will diversify the panel supply chain and deepen the already strong UK-India collaboration in climate and clean energy solutions.”
Context and Industry Outlook
India aims to become a global solar manufacturing hub and reduce dependence on imports, particularly from China. The country has rolled out incentives under its Production-Linked Incentive (PLI) scheme to attract investments in domestic solar manufacturing.
With this investment, ReNew Energy continues to position itself as a vertically integrated clean energy leader — spanning generation, manufacturing, and supply chain resilience.
