Independent power producer ReNew Energy Global has secured an investment of ₹8.7 billion (~$100 million) from British International Investment (BII), a UK-based development finance institution and impact investor.

he funding will be utilized primarily to construct a 4 GW Tunnel Oxide Passivated Contact (TOPCon) cell facility in Dholera, Gujarat.

The investment will be made in the company’s subsidiary, ReNew Photovoltaics. The investment will see BII acquire a minority stake in the subsidiary.

With the completion of the manufacturing plant, ReNew’s total manufacturing capacity will reach approximately 6.4 GW of modules and 6.4 GW of cells.

The transaction is BII’s first investment in solar manufacturing in India.

ReNew Photovoltaics has a portfolio of an operational 6.4 GW solar module facility, and a 2.5 GW solar cell facility located in Jaipur, Rajasthan, and Dholera, Gujarat, respectively.

The ReNew Photovoltaics’ facilities will primarily serve its internal consumption.

With an annual output of 4 to 4.5 GW of modules, ReNew Photovoltaics’ facilities will primarily serve ReNew’s internal consumption, with surplus capacity targeted for third-party sales. The facilities have supplied 900 MW to third parties like NTPC and Shakti Pumps, along with additional orders of approximately 1.5 GW.

ReNew has a clean energy portfolio of ~17.4 GW globally. BII has set a target to invest 30% of its funds towards addressing climate challenges. It has investments in over 1,580 businesses across 65 countries and total net assets of £8.5 billion (~₹811.21 billion).

In December 2024, ReNew entered into a definitive agreement to sell its subsidiary, ReNew Sun Waves, which operates a 300 MW solar project in Jaisalmer, Rajasthan, to Anzen India Energy Yield Plus Trust.

In 2024, ReNew secured $288 million by refinancing its non-convertible debentures issued by its subsidiaries in October 2020.