British International Investment (BII), the UK government’s development finance institution, has made its first investment in India’s solar manufacturing sector, committing $100 million to ReNew Photovoltaics, a subsidiary of ReNew Energy Global Plc.
Established in 2021, ReNew Photovoltaics comprises an operational 6.4 GW solar PV module facility and a 2.5 GW solar cell facility, located in Jaipur, Rajasthan, and Dholera, Gujarat.
The investment by BII will be primarily utilised to grow the business and expand the company’s manufacturing capacity through the construction of a new state-of-the-art 4 GW TOPCon cell facility in Dholera, Gujarat. Post expansion, ReNew’s total manufacturing capacity will be about 6.4 GW of modules and 6.4 GW of cells.
The expansion is expected to create over 2,000 new jobs and boost domestic production of high-efficiency solar components, the firm said in a statement.
These moves reflect a growing appetite among institutional investors, energy giants, and sovereign platforms to capture a slice of India’s booming clean energy market, as the country eyes its ambitious climate goals. The Indian government has pledged to add 500 gigawatts of clean energy by 2030 to reduce carbon emissions.
Last month, Abu Dhabi’s ALTÉRRA invested $100 million into renewable developer Evren. While in February. ONGC and NTPC Green Energy announced their joint acquisition of Ayana Renewable Power, valuing the platform at $2.3 billion, including debt. Separately, Juniper Green Energy secured $1 billion in debt financing from institutions like PFC, HSBC, and DBS to scale its renewable pipeline.
“Enhancing India’s capacity in solar manufacturing will boost clean energy generation and reduce dependency on imports,” said Shilpa Kumar, BII’s newly appointed Managing Director and Head of India.
India remains a crucial destination for BII and represents about 20-21% of its balance sheet, with $2.6 billion committed and invested in the country. On an annual basis, around half a billion dollars is invested in India. Its investments in India include Veritas Finance, Ayana Renewable Power, CARE Hospitals, IIFL Finance Ltd and Everest Fleet.
Last month, British International Investment (BII), the UK’s development finance institution and impact investor, appointed Kumar as Managing Director and Head of India. Based in Mumbai, Kumar will oversee BII’s India operations, including the deployment of climate finance and inclusive growth investments across sectors. She will lead a 58-member team spread across Mumbai and Bengaluru and report to Srini Nagarajan, Managing Director and Head of Asia at BII.
