BII’s investment is expected to create over 2,000 new jobs and accelerate India’s progress toward its ambitious target of 500 GW renewable energy capacity by 2030, in line with the government’s Make in India initiative. The partnership also highlights a broader trend of international investors backing India’s clean energy transition, with robust policy support and growing domestic demand attracting global capital.
The transaction, structured through a securities subscription arrangement, remains subject to customary lender and regulatory approvals. As India cements its status as a global hub for renewable energy manufacturing, the BII-ReNew deal signals growing confidence in the country’s clean-tech sector and its role in global climate change mitigation efforts.
Founded in 2021, ReNew Photovoltaics runs a 2.5 GW solar cell factory in Dholera, Gujarat, and a 6.4 GW solar PV module facility in Jaipur, Rajasthan. The development of a brand-new, cutting-edge 4 GW TOPCon cell plant in Dholera will be the primary use of the additional funds, significantly increasing ReNew’s manufacturing capacity. When the expansion is complete, ReNew’s combined capacity for solar cells and modules will reach 6.4 GW, making it a significant contributor to the production of advanced solar technology and reducing India’s reliance on imports.
In line with the government’s ‘Make in India’ campaign, BII’s investment is expected to create more than 2,000 new jobs and contribute to India’s progress toward its ambitious goal of achieving 500 GW of renewable energy capacity by 2030. The collaboration also reflects a broader trend of foreign investors supporting India’s transition to sustainable energy, as strong state backing and rising domestic demand attract foreign investment.
The transaction, structured through a securities subscription arrangement, remains subject to customary lender and regulatory approvals. As India establishes its status as a global hub for renewable energy manufacturing, the BII-ReNew deal signals growing confidence in the country’s clean-tech sector and its role in global climate change mitigation efforts.