India’s Reliance Industries has announced its acquisition of holding company REC Solar for $771 million from China National Bluestar as the company strives to become net zero by 2035.
The acquisition of the Norwegian solar panel company by division Reliance New Energy Solar follows statements in June by the Indian group – which represents the world’s largest refining complex – that it would invest $10.1 billion in clean energy over the next three years.
Reliance of Asia’s richest man, Mukesh Ambani, plans to build a solar power plant with a capacity of at least 100 gigawatts by 2030, more than a fifth of India’s target of 450 gigawatts by the end of the decade.
The Indian company said in August that it would invest $50 million in US energy storage company Ambri as part of Reliance Industries’ $144 million cowardice investment along with billionaire Bill Gates, investment management firm Paulson & Co and others.
From a global perspective, oil majors such as Royal Dutch Shell and BP have set targets to go net-zero by 2050 amid pressure from investors and environmental activists.
The transaction will help Reliance grow in one of the most important clean energy markets around the world, including the United States, Europe, Australia and other regions in Asia, adding that it will support REC’s planned expansion in Singapore, France and the United States.