Reliance Closing Deal To Acquire Europe’s Largest Solar Panel Maker: Report

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Following this acquisition, RIL will be able to access top-notch technology and global manufacturing capabilities

With a focus on growing its newly-established clean energy business, Mukesh Ambani-led Reliance Industries is looking to buy Europe’s largest solar panel manufacturer, REC Group, as per an Economic Times report.

As per the report, RIL is likely to acquire the company for $1-1.2 billion from China National Chemical Corp (ChemChina).

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REC produces silicon material for photovoltaic (PV) applications and multi-crystalline wafers. It also makes solar cells and modules.

Following this acquisition, RIL will be able to access top-notch technology and global manufacturing capabilities.

RIL is also in talks with global lenders to raise $500-600 million in acquisition financing for the transaction while the rest will be funded through equity.

The publication noted while citing sources that due diligence for the deal is almost complete and talks are on to close the transaction. A formal announcement is likely in the next few weeks.

Earlier in June, Mukesh Ambani announced Reliance’s foray into the green energy space, adding that the unit is setting up a 5,000-acre Dhirubhai Ambani Green Energy Giga Complex in Jamnagar.

RIL will invest $10 billion in four giga factories. It had recently announced investments of $144 million along with strategic investors Paulson & Co, Bill Gates, and others in energy storage company Ambri Inc.

RIL has been exploring talks with various independent power producer assets but nothing has followed through.

REC has an annual volume of 1.5 GW. It has made over 40 million solar panels, with generation of 11 GW of power for customers. IKEA, Audi, Tiger Beer are some of its customers. With manufacturing in Scandinavia and Singapore, it is one of the largest vendors globally.

The company started off in India a little over a decade ago as a supplier to power utilities such as Greenko, and scaled projects for the Department of Atomic Energy and Eenadu Group.

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