Reliance New Energy acquires REC Solar Holdings for $771 million
The Hindu
The acquisition of REC will help Reliance with a ready global platform and the opportunity to expand and grow in key green energy.
Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of Reliance Industries Ltd (RIL), has announced the acquisition of 100% shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd., for an Enterprise Value of $771 million.
“REC’s Alpha and Alpha Pure range of solar modules are recognized as among industry leaders in efficiency, reliability and long guaranteed life,” RIL said in a statement.
“The heterojunction (HJT) technology used by REC helps its modules surpass the performance of other commonly used technologies in the industry,” it added.
According to BACL, the biophilic-inspired business park will offer smart workspaces within a vibrant public realm. The project’s most exceptional and breathtaking attribute lies in the Urban Forest, a lush oasis in the centre of the development. This green space will serve as a focal point, seamlessly blending indoor and outdoor spaces throughout the area. The upcoming metro station in Airport City will provide seamless connectivity to the business park from the northern side, ensuring convenient accessibility.