Norwegian solar company REC Group is now part of the Reliance New Energy Solar Limited family, after parent company Reliance Industries Limited signed an agreement to acquire 100% of REC’s shares for $771 million. The new ownership of India’s largest private company will enable REC to expand its solar footprint, including a new manufacturing facility in the United States.
REC is a leader in manufacturing of heterojunction technology (HJT) solar panels and pioneered the semi-cut cell manufacturing method. The company, headquartered in Norway, currently has a panel manufacturing facility in Singapore and focuses on the residential market. Reliance’s investment will allow REC to grow to more than 5 GW of capacity over the next three years — with 2 to 3 GW of cell and module capacity in Singapore, a brand-new 2 GW cell and module facility in France and a 1- GW module assembly plant in the United States.
Within India, Reliance plans to incorporate REC’s technology into its existing all-inclusive, metallic silicon to finished PV panel manufacturing facility in Jamnagar, initially starting with 4 GW of capacity and eventually expanding to 10 GW.
“The combination of high-efficiency solar panels and economies of scale enables consumers in more markets around the world to access REC’s premium solar panels and take advantage of highly competitive electricity costs per kilowatt-hour while actively reducing carbon emissions,” REC said. in a press release. press release. “As part of the Reliance family, REC and Reliance will accelerate their joint mission to provide people around the world with clean and affordable solar energy.”