BII’s first India solar investment to create 2,000 jobs and boost domestic solar cell capacity in Gujarat

ReNew Energy Global Plc has secured a USD 100 million investment from British International Investment (BII), the UK’s development finance institution, to expand its solar manufacturing arm in India—marking BII’s first foray into India’s solar equipment sector.

The capital infusion will go into ReNew Photovoltaics, ReNew’s wholly owned solar manufacturing subsidiary, and will support the development of a new 4 GW tunnel oxide passivated contact (TOPCon) solar cell facility in Dholera, Gujarat. Once complete, ReNew’s total solar cell and module manufacturing capacity will stand at 6.4 GW each.

The investment is subject to regulatory and lender approvals and will result in BII acquiring a minority stake in ReNew Photovoltaics.

Sumant Sinha, Founder, Chairman & CEO, ReNew, said, “We are delighted to have BII as an investor in our solar manufacturing business. This partnership underscores our commitment to delivering high-quality, top-tier products while making strategic investments that drive sustainable growth and create long-term shareholder value.”

“This investment aligns with our strategy to support critical clean energy infrastructure and strengthen India’s renewable energy supply chain,” BII said in a statement. The funding is expected to create over 2,000 jobs and support India’s 500 GW renewable energy target by 2030, as well as the ‘Make in India’ initiative.

ReNew Photovoltaics currently operates a 6.4 GW module facility in Jaipur and a 2.5 GW solar cell plant in Dholera. The company’s facilities primarily cater to ReNew’s own projects, with around 900 MW already supplied to third-party clients and an additional 1.5 GW in external orders.

Customers like NTPC and Shakti Pumps have already signed on as partners, underscoring ReNew’s growing presence in the high-efficiency solar component space. The company plans to deepen third-party sales going forward, leveraging its robust procurement ecosystem and scale.

The collaboration also reinforces both organisations’ broader commitment to global climate action, sustainable infrastructure, and green industrial growth.