Private Equity Fund Investments
Reliance acquires Norway-based solar cell maker REC for $771-M
Publicly listed Reliance Industries Ltd (RIL) has acquired 100% shareholding of Norway-headquartered REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd., for an Enterprise Value of USD 771 million. Goldman Sachs is acting as the exclusive financial advisor and Davis Polk & Wardwell LLP are acting as the legal advisor to Reliance in this transaction. With regional hubs in North America, Europe, Australia, and Asia-Pacific, REC Group is an international solar energy company leading the industry through its technological innovations and superior, high efficiency and long-life solar cells and panels for clean and affordable solar power. The 25-year-old company has three manufacturing facilities – two in Norway for making solar grade polysilicon and one in Singapore making PV cells and modules. REC has over 600 utility and design patents, of which 446 are granted and balance are under evaluation. REC has more than 1,300 employees globally who will become members of the Reliance Family. Reliance will support REC's planned expansions including 2-3 GW Cells and Module capacity in Singapore, brand new 2 GW Cells and Module unit in France and another 1 GW Modules plant in the US. In India, Reliance plans to use REC's technology in its Silicon to PV Panel manufacturing giga factory at Jamnagar. The acquisition will help Reliance with a ready global platform and the opportunity to expand and grow in key green energy markets globally.
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