India’s Reliance Industries may acquire REC Solar


Indian industrial conglomerate Reliance Industries is reportedly planning to acquire Norwegian solar module manufacturer REC Solar, which is a unit of Chinese chemical company ChemChina, according to several Indian media outlets.

BusinessToday reported that the Indian group would be ready to pay $1 billion to $1.2 billion to acquire REC Solar. The news outlet claimed that Reliance Industries is already in talks with several unspecified lenders to secure $500 million to $600 million of funds to support the transaction.

“We are in general not commenting on market rumors,” a spokesperson from REC Solar told pv magazine.

Reliance Industries said in a statement to the National Stock Exchange of India that it would not comment on the BusinessToday report, which was published on Tuesday.

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“We are unable to comment on media speculation and rumors and it would be inappropriate on our part to do so,” it said. “The company evaluates various opportunities on an ongoing basis.”

Reliance Industries focuses on the energy, petrochemical, natural gas, retail, telecoms, mass media, and textiles industries. In late June, it announced plans to invest $8.1 billion over the next three years to build gigafactories for solar, energy storage, electrolyzers, and fuel cells. The planned facilities include an integrated PV module factory, an advanced energy storage battery factory, an electrolyzer factory for the production of green hydrogen, and a fuel cell factory to convert hydrogen into power. 

REC Solar has currently a production capacity of around 1.8 GW and plans to build a 4 GW heterojunction PV module factory in France.

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