Solar module developers and manufacturers believe that Reliance Group's recent solar acquisitions will help India provide an alternative to Chinese products.
In June 2021, Mukesh Ambani, President of Reliance Industries, announced that Reliance Industries would invest ₹ 750 billion (~ $ 10 billion) in clean energy. The company said it would build an integrated solar photovoltaic (PV) factory, an advanced energy storage battery manufacturing unit, green hydrogen and a fuel cell facility in Jamnagar, Gujarat.
Mercom spoke with solar developers and module manufacturers to understand the strategic importance of Reliance's recent acquisitions and their impact on the Indian solar market.
Acquisition of REC by Reliance
Reliance New Energy acquired REC Solar Holdings from China National Bluestar Group for $ 771 million.
On Reliance's acquisition of REC, Animesh Damani, Managing Partner of Artha Energy Resources, said: “As an Indian developer, we are viewing the Reliance Group's foray into renewable energy very positively.
India's solar module manufacturing sector needed a large conglomerate like Reliance to enter the space. For too long, Indian developers have relied primarily on Chinese solar manufacturers. Indian manufacturers have not been able to increase manufacturing capabilities and offer costs on par or lower than their Chinese counterparts. "
