Reliance New Energy Solar acquires REC Solar for $771 million

Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of Reliance Industries Limited (RIL) has acquired of REC Solar Holdings from China National Bluestar (Group) Company Limited for an enterprise value of $771 million.

The acquisition by is in line with RIL’s objectiveto become net carbon zero by 2035 following its announcement in June 2021 to invest $10.1 billion in clean energy over three years. In a separate development, RNESL will acquire 40 percent of Sterling and Wilson Solar Limited (SWSL) in a deal underscoring the company’s clean-energy targets..