Reliance New Energy Solar acquires Norway-based REC Solar for $771 million

The REC Solar Holdings AS (REC Group) is an international pioneering solar energy company that was founded in 1996. Its roof-mounted solar panels have long durability with the capability of lasting for at least 25 years. 

Created On: Oct 10, 2021 15:34 IST
Reliance New Energy Solar acquires Norway-based REC Solar for $771 million
Reliance New Energy Solar acquires Norway-based REC Solar for $771 million

Reliance New Energy Solar(RNESL) on October 10, 2021 said that it has acquired 100 percent stake in Norway-based REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd. for a value of $771 million.

Reliance New Energy Solar Ltd (RNESL) is a wholly-owned subsidiary of Reliance Industries Ltd (RIL). The acquisition follows RIL's announcement that it would invest about $10.1 billion in clean energy over three years in a drive to become net carbon zero by 2035.

What is REC Group?

•The REC Solar Holdings AS (REC Group) is an international pioneering solar energy company that was founded in 1996. The company has its operational headquarters in Singapore and regional hubs in Europe, Australia, North America and Asia-Pacific.

•It has over 600 utility and design patents, of which 446 are granted and the remaining are under evaluation. The group has always focused on research and development and has industry-leading technology.

•The REC Solar has an installed capacity of 5000 MW and its solar panels have been tested rigorously in India by third parties. 

•The company is known for its high efficiency and long-life solar cells and panels that will pave the way for clean and affordable solar power. 

•According to the REC Group, its roof-mounted solar panels have long durability with the capability of lasting for at least 25 years. 

•The group's Alpha series solar panels are reportedly perfect for countries with higher temperatures. 

•The company has three manufacturing facilities, one in Singapore for making PV cells and modules and two in Norway for making solar-grade polysilicon.

Significance

REC Solar's Alpha and Alpha Pure range of solar modules are among industry leaders in efficiency, reliability and long guaranteed life.

The company was the first to introduce half-cut Passivated Emitter and Rear Cell (PERC) technology that is currently used by all major manufacturers, while REC has moved to its next-generation heterojunction (HJT) technology.

REC Solar's panel is perfect for commercial and industrial rooftop installation and ground-mount installations with space restrictions. It will fit in perfectly with RIL's plan of having most of the installations under its 100MW-solar-power production target placed as decentralised, rooftop ones and to power rural India.

What will happen to the employees of REC Solar?

REC Solar has over 1,300 employees globally who will now become part of the Reliance group. The Reliance group is expected to strongly support REC’s planned expansions including 2-3 GW Cells and Module capacity in Singapore, 1 GW Modules plant in the US and brand new 2 GW Cells and Module unit in France.

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