The acquisition of REC Group will facilitate Reliance Industries’ new energy initiative of developing around 100 Gigawatts of clean energy from renewable sources by 2030. 

India: Oil, telecom, and retail conglomerate Reliance Industries (RIL) is set to expand its green energy portfolio by acquiring Europe’s largest solar panel marker, REC Solar Holdings for a value of USD771 million from China National Bluestar Group Company. The recent venture would also help Reliance explore new opportunities in the green energy sector markets in United States, Europe, Australia, and Asia. RIL purchased REC Solar Holdings months after pledging to invest USD10 billion in renewable energy over the next three years to reduce its dependence on imported fossil fuels. This is the first major deal in the renewable energy sector where an equipment manufacturing facility has been acquired. 

REC Solar Holding is a leading international solar panel manufacturer that has made over 40 million solar panels and continues to empower homeowners, businesses, and utilities with clean energy by generating 11GW of power for customers. The company has manufacturing plants in Scandinavia and Singapore that collectively produce an annual solar panel production capacity of 1.5GW, which could help bolster RIL’s Rs 75,000-crore new energy project.

Reliance Industries is also planning to set up a global scale integrated photovoltaic Giga factories with an aim to make India a low-cost manufacturing hub for the production of solar panels. After the acquisition, RIL plans to leverage the industry-leading tech into its fully integrated, metallic silicon to PV panel manufacturing to develop 4GW annum capacity, which would eventually grow to 10GW.

Commenting on the acquisition, RIL Chairman said, “It (the acquisition) is in line with our strategy of investing in new and advanced tech and operating capabilities aimed at achieving RIL’s goal of enabling 100 GW of clean and green energy before the end of this decade.” He further added, “Together with our other recent investments, RIL is now ready to set up a global-scale integrated PV Giga factory and make India a manufacturing hub for lowest-cost and highest-efficiency solar panels.”

Addressing the major deal of RIL and REC Group, TechSci Research Director commented, “The acquisition is a major step towards making India a hub for the clean energy sector and boosting green energy transition to combat climate change. Rising demand for green electricity among commercial and industrial sectors as well robust federal schemes are likely to accelerate the demand for solar PV panels in the coming years.”

According to TechSci research report on “Global Solar Panel Coatings Market By Type (Anti-reflective, Hydrophobic, Self-cleansing, Anti-soiling, Anti-abrasion & Others), By End User Industry (Residential, Commercial, Energy, Agriculture, Automotive & Others), By Region, By Company, Competition, Forecast & Opportunities, 2024”, the global solar panel coatings market is anticipated to grow at a CAGR of 20% during the forecast period. The growth can be attributed to the increase in demand for solar panels due to rapid green energy transition and cost-effective maintenance of solar panels.

According to another TechSci research report on “Global Solar Panel Recycling Market By Type (Monocrystalline, Polycrystalline, Thin Film & Others), By Process (Thermal, Mechanical, Laser), By Shelf Life (Normal Loss, Early Loss), By Region, Competition, Forecast & Opportunities 2024”, the global solar panel recycling market is estimated to grow at a robust CAGR of approx. 20% during the forecast period. The growth can be attributed to the increasing adoption of solar power and favourable government policies.

According to another TechSci research report on “Global Floating Solar Panels Market By Type (Stationary and Solar Tracking), By Capacity (Up to 1MW, 1MW-5MW and Above 5MW), By Connectivity (On Grid and Off Grid), By Region (APAC, North America & Others), Competition, Forecast & Opportunities, 2026”, the global floating solar panels market was valued over USD1015 million in 2019 and is anticipated to grow at a CAGR of more than 39% during the forecast period. The growth of the market is backed by increasing investments in renewable energy coupled with the technological advancements. Floating solar or FPV (Floating photovoltaic), refers to an array of solar panels on a structure that floats on a body of water, typically an artificial basin or a lake.