Reliance New Energy acquire REC Solar Holdings for $771 million.
Reliance New Energy Solar, a subsidiary of Reliance Industries Limited, has recently made a significant move in the renewable energy sector by acquiring REC Solar Holdings for $771 million. The acquisition is expected to strengthen Reliance’s position in the solar energy market and enable the company to expand its renewable energy portfolio.
REC Solar Holdings is a leading global provider of solar energy solutions with a strong presence in key solar markets such as the United States and Europe. The company has a robust track record of delivering large-scale solar projects and has a pipeline of projects worth over 6 GW.
The acquisition of REC Solar Holdings will enable Reliance New Energy Solar to leverage the company’s expertise and experience in the solar energy sector. The deal will also help Reliance to accelerate the deployment of its renewable energy projects and achieve its target of achieving net-zero carbon emissions by 2035.
The key features of the deal are as follows:
- Reliance New Energy Solar will acquire REC Solar Holdings for $771 million.
- REC Solar Holdings is a leading global provider of solar energy solutions with a strong presence in key solar markets such as the United States and Europe.
- The company has a robust track record of delivering large-scale solar projects and has a pipeline of projects worth over 6 GW.
- The acquisition will enable Reliance New Energy Solar to leverage the company’s expertise and experience in the solar energy sector.
- The deal will help Reliance to accelerate the deployment of its renewable energy projects and achieve its target of achieving net-zero carbon emissions by 2035.
The following table summarizes the key details of the deal:
| Particulars | Details |
|---|---|
| Target Company | REC Solar Holdings |
| Acquirer | Reliance New Energy Solar |
| Consideration | $771 million |
| Benefits to Reliance | Stronger position in the solar energy market, access to REC Solar Holdings’ expertise and experience, acceleration of renewable energy projects, and achievement of net-zero carbon emissions target by 2035 |
In conclusion, the acquisition of REC Solar Holdings by Reliance New Energy Solar is a strategic move that will help the company to strengthen its position in the renewable energy sector. The deal will enable Reliance to leverage REC Solar Holdings’ expertise and experience in the solar energy sector and accelerate the deployment of its renewable energy projects. Overall, the acquisition is a significant step towards achieving Reliance’s goal of achieving net-zero carbon emissions by 2035 and contributing to the fight against climate change.