Reliance buys REC Solar, plans to expand into green energy sector
Reliance Industries Ltd has made several moves to expand into the green energy sector. Subsidiary Reliance New Energy Solar Ltd acquired REC Solar from China National Bluestar for $771 million on Sunday.
Norway-based REC is a leading global solar energy company. The company operates all across the globe. It runs its operations from SIngapore and has offices located in North America, Europe, Australia, and the Asia-Pacific Region. It produces solar cells and panels.
Reliance recently pledged to invest $10 billion in renewable energy over the next three years to reduce the industrial giant’s dependence on fossil fuels. RIL aims to generate 100 gigawatts of renewable energy by the time this decade comes to an end. If achieved, this will comprise a quarter of the 450 gigawatts goal set by the Indian Prime Minister, Narendra Modi.
In a statement pertaining to the situation, Mukesh Ambani stated, “It [buying REC Solar] will enable India to become a world leader in green energy transition to overcome the climate crisis.”
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