Reliance New Energy Solar buys Norway’s REC Solar Holdings from China’s Bluestar 

The Indian company Reliance New Energy Solar Ltd, a wholly-owned subsidiary of Reliance Industries (RIL), has announced the acquisition of 100 percent of the shareholding of Norwegian REC Solar Holdings from China National Bluestar for an Enterprise Value of USD 771 million.

According to this company statement, with 1,300 employees, Norway-headquartered REC Solar Holdings AS (REC Group) has its operational base in Singapore and regional hubs in North America, Europe, Australia, and Asia-Pacific. It has 446 utility and design patents under its belt with the planned expansion of 2-3 gigawatt (GW) cells and module capacity in Singapore, 2 GW cells and module units in France, and another 1 GW modules plant in the US.

Reliance will strongly support REC’s planned expansions including 2-3 GW Cells and Module capacity in Singapore, brand new 2 GW Cells and Module unit in France, and another 1 GW Modules plant in the US, the company said. In India, Reliance plans to use this industry-leading technology in their fully integrated, metallic Silicon to PV Panel manufacturing Giga factory at Dhirubhai Ambani Green Energy Giga Complex, Jamnagar initially starting with 4 GW per annum capacity and eventually growing to 10 GW per annum,” the statement added.

Goldman Sachs is acting as the exclusive financial advisor and Davis Polk & Wardwell LLP are acting as the legal advisor to Reliance in this transaction.

About Gregers Møller

Editor-in-Chief • ScandAsia Publishing Co., Ltd. • Bangkok, Thailand

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