South Asia and Beyond

Reliance Buys Norway Solar Firm

Reliance New Energy Solar has acquired Norway-based REC Solar Holdings for $771 million. Owned until now by China National Bluestar Group, REC Solar’s photovoltaic panels are widely used in India with an estimated 5000 megawatts of installed capacity. It brings Reliance closer to emerging as a global supplier of solar panels and will help boost its solar energy generating capacity to 100 gigawatts by 2030.