Reliance New Energy Solar Ltd., a wholly-owned subsidiary of Reliance Industries Ltd., has acquired REC Solar Holdings AS for an enterprise value of $771 million.
The Reliance Industries unit has acquired 100% shareholding of Norway-based solar energy company from China National Bluestar Co Ltd.
“REC acquisition is in line with our strategy of investing in new and advanced technologies and operating capabilities aimed at achieving Reliance’s goal of enabling 100 GW clean and green energy before the end of this decade,” Reliance Industries’ Chairman Mukesh Ambani said.
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REC Solar is one of the world’s leading solar cell, panels and polysilicon manufacturer. It has a headquarter in Norway, operational headquarters in Singapore and regional hubs in North America, Europe, Australia, and Asia-Pacific.
The acquisition of REC Solar will help Reliance Industries with a ready global platform and the opportunity to expand and grow in key green energy markets, the company said.
Goldman Sachs is acting as the exclusive financial advisor and Davis Polk & Wardwell LLP are acting as the legal advisor to Reliance Industries in this transaction.