Friday, 30 September, 2022
HomeEconomyReliance boots green energy push with two more deals with German &...

Reliance boots green energy push with two more deals with German & Danish companies

The acquisitions are part of a string of deals Ambani has announced as he pledges to invest $10 bn in alternative energy over 3 yrs, putting him squarely in competition with Adani Group.

Text Size:

Mumbai: Reliance Industries Ltd. will buy a German maker of photovoltaic solar wafers and signed a deal with a Danish company to manufacture hydrogen electrolyzers in India, as Mukesh Ambani’s oil-to retail conglomerate pivots to green energy.

Reliance New Energy Solar Ltd. agreed to acquire NexWafe GmbH for 25 million euros ($28.8 million), the Indian group told the exchanges late Tuesday. It will also license Stiesdal A/S’s technology for the hydrolyzers, it said in a separate statement.

The announcements are part of a string of deals Asia’s richest man has announced in recent days as he pledges to invest $10 billion in alternative energy over three years, putting him squarely in competition with Gautam Adani’s Adani Group, which is planning to pour $20 billion over 10 years into renewable energy. Two days ago, Ambani’s conglomerate said it bought solar panel maker REC Solar Holdings AS from China National Bluestar Group Co. and signed a pact to acquire 40% of Sterling & Wilson Solar Ltd.

The NexWafe transaction is proposed to be completed by end-October. Reliance will also use NexWafe technology to build large-scale wafer factories in India.- Bloomberg


Also read: Reliance accelerates push into green energy with solar deals


 

Subscribe to our channels on YouTube & Telegram

Support Our Journalism

India needs fair, non-hyphenated and questioning journalism, packed with on-ground reporting. ThePrint – with exceptional reporters, columnists and editors – is doing just that.

Sustaining this needs support from wonderful readers like you.

Whether you live in India or overseas, you can take a paid subscription by clicking here.

Support Our Journalism

Most Popular

×