The investment in ReNew Photovoltaics aims to support India’s efforts to strengthen its homegrown supply chain to meet fast-increasing solar power demand.
British International Investment (BII) has entered its first venture in India’s solar technology sector via $100m (€89m) of funding to a subsidiary of Gurgaon-based ReNew Energy Global in return for a minority stake.
The UK’s development finance institution (DFI) said the funding would support the expansion of ReNew Photovoltaics, as it adds to its manufacturing capacity through the construction of a new facility in Dholera, Gujarat to produce advanced technology 4-gigawatt (GW) TOPCon cells. BII will hold a 10% stake in ReNew Photovoltaics following the investment.
ReNew Photovoltaics, which was established in 2021, already has a solar PV module manufacturing facility in Jaipur, as well as an existing solar cell facility in Dholera. After the expansion, the company’s total manufacturing capacity will be around 6.4GW of annual production capacity for modules and 6.4 GW for solar cells. The expansion is expected to create more than 2,000 jobs.
Shilpa Kumar, BII’s newly appointed managing director and head of India, said the DFI’s first venture into solar manufacturing in India will be crucial for building and strengthening the renewable energy supply chain.
“Enhancing India’s capacity in solar manufacturing will not only boost clean energy generation but also reduce the country’s dependency on imports, promote sustainable industrialisation and create new jobs,” she said.
Sumant Sinha, ReNew Energy Global’s chairman and CEO, said the company’s decision to move into solar manufacturing, as well as renewables generation, was a strategic decision aimed at securing its supply chain.
“Beyond ensuring supply stability, our goal was to partner with a like-minded, long-term partner in the manufacturing sector,” he said.
The move chimes with efforts by the Indian government to speed up efforts to meet fast-growing domestic demand for solar energy through domestic manufacturing, rather than relying on imports, mainly from China, backed by supportive regulatory and policy measures. India’s solar module manufacturing capacity rose to 74 GW in March 2025 from 38 GW a year earlier, while solar PV cell manufacturing capacity rose to 25 GW from 9 GW, according to government data.
Leading market for BII
India is, by far, BII’s largest market globally, both by total portfolio size and number of companies in which it has invested across areas such as clean energy, job creation and financial inclusion.
Recent investments include BII’s investment of around €73m in in electric vehicle manufacturer Mahindra Electric Automobile, as a part of a partnership announced in 2022. In March, the DFI announced a $10m investment in Grow Indigo, which develops sustainable agriculture programmes for smallholder farmers.
Last year, BII funded a second $75m green bond arranged by Symbiotics Investments, for lending to banks providing loans to micro, small and medium-sized enterprise lenders, with a focus on supporting India’s energy transition goals.
