Reliance acquires REC Group

REC Group, an international solar company headquartered in Norway, today announces Reliance New Limited, a wholly owned subsidiary of Reliance Industries Ltd (Reliance), has signed a definitive binding agreement to acquire 100% shareholding of the European panel brand. REC Group (REC) welcomes the decision as this will allow a significant acceleration of the company’s expansion plans.

Over its 25-year history, REC has consistently set new standards and introduced numerous innovations in the PV industry. This deal is therefore a perfect fit for the two strong brands with big ambitions to speed up the transition for a cleaner future. REC’s production capacity has limited the company in serving more customers in more markets which demand its cutting-edge high-quality products.

This new ownership will allow REC to rapidly boost its scale and better serve its increasing customer base and end consumers.

With Reliance’s financial strength and commitment to solar, REC will grow to over 5 GW of capacity within the next 2 to 3 years in Singapore, and USA. In India, Reliance plans to use this industry leading technology in their fully integrated, metallic Silicon to PV Panel manufacturing giga factory at Dhirubhai Ambani Green Giga Complex, Jamnagar initially starting with 4 GW per annum capacity and eventually growing to 10 GW per annum. 

 The combination of high-efficiency panels and economies of scale will allow consumers in more markets around the globe to access REC’s premium panels and benefit from highly competitive electricity costs per kWh while actively reducing carbon emissions. As part of the Reliance family, REC and Reliance will accelerate their joint mission to empower people around the globe with clean and affordable solar energy.

Headquartered in Mumbai, India, Reliance is India’s largest private sector company, with a consolidated turnover of INR 539,238 crore ($73.8 billion), cash profit of INR 79,828 crore ($10.9 billion), and net profit of INR 53,739 crore ($7.4 billion) for the year ended March 31, 2021. Reliance’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.

LW44 is acting as the exclusive financial advisor and Fangda Partners and Baker McKenzie as legal advisors to REC and China National Bluestar (Group) Co in this transaction.

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