Reliance Making Moves
At the Reliance Industries AGM in June, Mukesh Bhai had announced big plans for the clean energy sector in India, including investing $10 billion over the next 10 years.
And Reliance Industries Limited (RIL) has taken some concrete steps towards executing this plan. Through a subsidiary of theirs, they’ve acquired 100% of REC Solar Holdings AS (REC Group) from China National Bluestar Group for an Enterprise Value of $771 million.
What is REC Solar?
REC Solar is one of the world's leading solar cell, panels and polysilicon manufacturers
The company is headquartered in Norway and is known for being very R&D focused. They have developed high efficiency and long life solar panels used at solar power plants to generate electricity.
REC has over 600 utility and design patents. Their products are also already in use in our part of the world - they have over 500MW of installed capacity in the Indian subcontinent, and even with the wide climate range here, the company claims these panels can last as long as 25 years.
RIL + REC =?
With their scale and execution capabilities, the addition of REC’s technology will help Reliance set up a state-of-the-art renewable energy tech manufacturing facility in Jamnagar, Gujarat.
It was in Jamnagar that Dhirubhai Ambani launched Reliance’s original old energy business, and that’s where Mukesh Bhai wants to start this new energy stuff as well.
The Jamnagar gigafactories, officially called the Dhirubhai Ambani Green Energy Giga Complex will be a 5,000-acre complex, which will produce various kinds of renewable energy.
The complex is expected to have an integrated solar photovoltaic module factory for the production of solar energy, an advanced energy storage battery factory for the storage of intermittent energy, an electrolyser factory to produce green hydrogen and a fuel-cell factory to convert hydrogen into motive and stationary power
Wow, those were a lot of scientist-y words! We guess The Gyst of the matter is that Mukesh Bhai is already making moves in the clean energy sector so Adani and co. better get their moves right if they want to stay alive.