BII Funding Powers ReNew's 4-GW Gujarat Solar Cell Factory Expansion

• UK-backed BII invests INR 8.7 bn in ReNew’s solar subsidiary, funding a 4 GW TOPCon cell factory in Gujarat and adding 2,000 jobs.

ReNew Energy Global Plc has secured a major vote of confidence from the UK’s development finance arm, British International Investment, which will inject INR 8.7 billion (about USD 103 million) into the company’s solar-manufacturing subsidiary. The capital will help ReNew Photovoltaics Pvt Ltd add a 4-gigawatt TOPCon cell line to its Gujarat campus, lifting the unit’s total photovoltaic-cell capacity to more than 6 GW and creating roughly 2,000 jobs.

Founded in 2021, ReNew Photovoltaics already runs 6.4 GW of module and 2.5 GW of cell production split between Jaipur in Rajasthan and Dholera in Gujarat. The fresh cash comes in exchange for a minority stake in the subsidiary, marking BII’s first direct investment in India’s solar-equipment supply chain. ReNew says the deal, which still needs lender and regulatory clearance, underscores growing foreign appetite for India’s domestic clean-tech push.

The new TOPCon line is designed to supply ReNew’s own pipeline of utility-scale solar projects while also selling surplus output to third-party customers such as state-run power giant NTPC and pump maker Shakti Pumps. By expanding local cell production, ReNew aims to reduce its exposure to imported components and comply with the Indian government’s push for self-reliance under the Production-Linked Incentive scheme.

ReNew’s manufacturing enlargement dovetails with its broader ambition to emerge as a vertically integrated renewable-energy powerhouse. The Nasdaq-listed company already operates more than 13 GW of wind and solar assets and has another 10 GW under development. Management says in-house cell and module supply will streamline project execution, shield margins from global supply-chain shocks, and position ReNew to export advanced solar technology as overseas demand tightens.

For BII, the deal aligns with its mandate to mobilise climate finance in emerging markets. The institution has pledged to channel up to GBP 3 billion into green projects worldwide by 2026 and sees India’s solar-manufacturing ecosystem as a critical link in the global energy transition.