Mumbai-based Reliance Industries has completed its acquisition of Norwegian solar panel manufacturer REC Group. Europe's largest solar panel brand says the takeover will accelerate its expansion plans. Reliance had announced in October that its wholly owned subsidiary Reliance New Energy Solar Limited (RNESL) had agreed to acquire a 100% stake in REC Solar Holdings from China National Bluestar (Group).

Founded in 1996, REC says that with Reliance’s financial strength and commitment to solar, the Oslo-headquartered firm will grow its capacity to more than 5 gigawatts within the next two to three years in Singapore, Europe, and the United States.

In India, Reliance plans to use the acquired technology in its fully integrated, metallic silicon to PV panel manufacturing giga factory at the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar.

The plan is to initially start with 4GW per annum of capacity, and eventually grow to 10GW per annum. The combination of high-efficiency solar panels and economies of scale will allow consumers in more markets to access REC’s solar panels.

Reliance is India’s largest private-sector company, with a consolidated turnover of US$73.8 billion for the year ended March 31 2021. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail, and digital services.

LW44 is acting as the exclusive financial adviser, with Fangda Partners and Baker McKenzie as legal advisers, to REC and Bluestar on the transaction.