ReNew Energy Global Plc has secured ~₹870 crore investment from British International Investment (BII) to accelerate the growth of its solar manufacturing business in India. The investment will be made in ReNew’s dedicated solar manufacturing subsidiary in India - ReNew Photovoltaics.
Anagram Partners acted as the legal advisor to the ReNew Group on this transaction.
The transaction team was led by Faraz Khan (Partner) and comprised Manoj Mahapatra (Senior Associate), Nilomi Doshi (Senior Associate) and Yavipriya Gupta (Associate).
Trilegal advised BII on this investment and the transaction team was led by Partner: Sneha Vardhan; and supported by Counsel: Vyshnav Karthik; Senior Associate: Vishesh Mehrotra; Associates: Roopam Dadhich, Sakshi Rajawat, Jatin Soni, Drishti Rajain, Shreya Khandelwal, and Tanay Saluja.
The Trilegal Projects Team advising on the mandate was led by Partner: Niharika Puri; and supported by Senior Associates: Anurag Tripathi, Aishwarya Satpathy, and Shikhar Venkatesh; Associates: Ashu Bhargava, Sanchita Bhat, and Yashna Singh.
The Trilegal Labour and Employment Team advising on the mandate was led by Partner: Kanishka Maggon; and supported by Senior Associate: Tania Gupta; Associate: Shreya Patni.
The Trilegal Technology, Media and Telecommunications Team advising on the mandate was led by Partner: Jyotsna Jayaram; and supported by Senior Associate: Sidharth Ray and Sindhu A; Associates: Pranay Jalan and Karthik Rai.
The Trilegal Intellectual Property Team advising on the mandate was led by Partner: Kirti Balasubramanian and supported by Associate: Paarth Samdani.
BII is the UK’s development finance institution and impact investor. As a trusted investment partner to businesses in Africa, Asia and the Caribbean, BII invests in creating productive, sustainable and inclusive economies.
With this investment, BII will acquire a 10% equity stake in ReNew Photovoltaics, effectively valuing the company at around $1 billion. The funds will be used to build a 4 GW TOPCon (Tunnel Oxide Passivated Contact) solar cell manufacturing facility in Dholera, Gujarat. This plant will significantly enhance ReNew’s total capacity, bringing it to 6.4 GW each for solar modules and cells.
ReNew Photovoltaics, a group company of ReNew Energy Global plc, undertakes substantial solar PV projects, contributing significantly to the global shift towards renewable energy sources. Their involvement extends to the development, construction, and operation of these projects.
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