ReNew Energy Global Plc has secured an investment of USD100 million from British International Investment (BII), the UK’s development finance institution, to accelerate the growth of its solar manufacturing business in India.
The investment will be made in ReNew Photovoltaics Private Limited, the company’s dedicated solar manufacturing arm. This marks BII’s first investment in solar manufacturing in India. BII will acquire a minority stake in ReNew Photovoltaics through this transaction, which remains subject to customary regulatory and lender approvals.