UK-based impact investor and development finance institution, British International Investment (BII), has committed approximately ₹8.7 billion (nearly $100 million) to ReNew Energy Global. This strategic investment is aimed at supporting the development of a 4 GW Tunnel Oxide Passivated Contact (TOPCon) solar cell production plant in Dholera, Gujarat.

The capital will be channeled into ReNew Photovoltaics, a wholly owned subsidiary of ReNew Energy, with BII set to acquire a minority equity stake in the company. This marks BII’s debut investment in India’s solar manufacturing space.

Upon completion, the new facility will significantly bolster ReNew’s in-house manufacturing capabilities, bringing its total production capacity to around 6.4 GW each for solar modules and solar cells.

ReNew Photovoltaics already operates an advanced 6.4 GW module plant in Jaipur, Rajasthan, along with a 2.5 GW solar cell facility shared between Jaipur and Dholera. The upcoming Dholera unit is expected to primarily meet internal demand, although a portion of its production — estimated between 4 GW and 4.5 GW annually — will be available for third-party sales.

To date, ReNew has supplied nearly 900 MW to external clients such as NTPC and Shakti Pumps and has confirmed further third-party orders amounting to approximately 1.5 GW.

Globally, ReNew boasts a renewable energy portfolio nearing 17.4 GW. Meanwhile, BII aims to allocate 30% of its total investment toward climate-focused ventures. Its global reach includes investments in more than 1,580 enterprises across 65 countries, managing net assets worth around £8.5 billion (~₹811 billion).

Notably, in December 2024, ReNew signed an agreement to divest ReNew Sun Waves — the entity overseeing its 300 MW solar power asset in Jaisalmer, Rajasthan — to Anzen India Energy Yield Plus Trust. Additionally, the company raised $288 million in 2024 by refinancing its previously issued non-convertible debentures from 2020.