Solar modules maker ReNew Photovoltaics raises $100-M from BII

BII (British International Investment) is to invest USD 100 million (about INR 870 crore) in lieu of a minority stake in Gurugram-headquartered ReNew Photovoltaics Pvt Ltd , the solar manufacturing subsidiary of Sumant Sinha-founded, London-headquartered ReNew Energy Global Plc.The investment will be primarily used to expand ReNew Photovoltaics’ manufacturing capacity through the construction of a new 4 GW TOPCon cell facility in Dholera, Gujarat.Established in 2021, ReNew Photovoltaics comprises an operational 6.4 GW solar PV module facility and a 2.5 GW solar cell facility, at Jaipur, Rajasthan and Dholera, Gujarat. Post expansion, ReNew’s total manufacturing capacity will be about 6.4 GW of modules and 6.4 GW of cells.