Reliance New Energy Solar to fund $29 mn in German firm Nexwafe
POWER & RENEWABLE ENERGY

Reliance New Energy Solar to fund $29 mn in German firm Nexwafe

Reliance Industries (RIL) subsidiary Reliance New Energy Solar (RNESL) will invest $29 million in Germany’s NexWafe GmbH.

According to a statement given by the company on October 12, RNESL will be the vital lead investor for the German firm's 39 million euros Series C financing round.

The RIL firm has agreed with NexWafe, a firm that provides high-efficiency monocrystalline silicon wafers, to obtain 86,887 series C approved shares at 287.73 euros apiece. RNESL will also be declared 36,201 warrants which are exercisable for a sum of 1 euro each subject to fulfilment of agreed milestones, the firm said in an exchange filing.

NexWafe has a proprietary technology that can significantly lessen the price of manufacturing photovoltaic (PV) cells. The firm statement says that the technology can create solar photovoltaics, the lowest-cost form of renewable energy possible. The technology is to improve and build monocrystalline silicon wafers from inexpensive raw materials, going directly from the gas phase to finished wafers without the expensive and energy-intensive intermediate steps, as per the filing.

RIL plans to leverage NexWafe’s technology to install giga-scale wafer production plants in India, to help the domestic and the global markets. Reliance and NexWafe have entered into an India Strategic Partnership Agreement for joint development and commercialisation at a scale of high-efficiency, monocrystalline green solar wafers.

It is yet another move by RIL towards attaining the aim it has set for itself of producing 100GW of renewable energy (or 22% of the national goal) by 2030. Reliance is funding Rs 75,000 crore over the coming three years in renewable energy, comprising the installation of gigafactories in a 5,000-acre, integrated complex named Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Gujarat.

The complex is likely to have an integrated solar photovoltaic module plant for the generation of solar energy, an advanced energy storage battery factory for the storage of intermittent energy, an electrolyser factory to generate green hydrogen and a fuel-cell factory to transform hydrogen into motive and stationary power. It will also house infrastructure to produce ancillary material and tools for the gigafactories.

RIL is in the process of modifying its energy and materials businesses. At the firm's annual general meeting in June, the conglomerate’s chairman and managing director (CMD) Mukesh Ambani had explained their idea for their new energy business--first via hyper-integration, of scientific knowledge and technological innovation, following by building a business model that grabs the upward curve in demand for clean energy and downward curve in production cost, and third by working on increasing efficiency of assets and operations.

In the past few days, the firm has made purchases and partnerships that follow that vision.

Image Source

Reliance Industries (RIL) subsidiary Reliance New Energy Solar (RNESL) will invest $29 million in Germany’s NexWafe GmbH. According to a statement given by the company on October 12, RNESL will be the vital lead investor for the German firm's 39 million euros Series C financing round. The RIL firm has agreed with NexWafe, a firm that provides high-efficiency monocrystalline silicon wafers, to obtain 86,887 series C approved shares at 287.73 euros apiece. RNESL will also be declared 36,201 warrants which are exercisable for a sum of 1 euro each subject to fulfilment of agreed milestones, the firm said in an exchange filing. NexWafe has a proprietary technology that can significantly lessen the price of manufacturing photovoltaic (PV) cells. The firm statement says that the technology can create solar photovoltaics, the lowest-cost form of renewable energy possible. The technology is to improve and build monocrystalline silicon wafers from inexpensive raw materials, going directly from the gas phase to finished wafers without the expensive and energy-intensive intermediate steps, as per the filing. RIL plans to leverage NexWafe’s technology to install giga-scale wafer production plants in India, to help the domestic and the global markets. Reliance and NexWafe have entered into an India Strategic Partnership Agreement for joint development and commercialisation at a scale of high-efficiency, monocrystalline green solar wafers. It is yet another move by RIL towards attaining the aim it has set for itself of producing 100GW of renewable energy (or 22% of the national goal) by 2030. Reliance is funding Rs 75,000 crore over the coming three years in renewable energy, comprising the installation of gigafactories in a 5,000-acre, integrated complex named Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Gujarat. The complex is likely to have an integrated solar photovoltaic module plant for the generation of solar energy, an advanced energy storage battery factory for the storage of intermittent energy, an electrolyser factory to generate green hydrogen and a fuel-cell factory to transform hydrogen into motive and stationary power. It will also house infrastructure to produce ancillary material and tools for the gigafactories. RIL is in the process of modifying its energy and materials businesses. At the firm's annual general meeting in June, the conglomerate’s chairman and managing director (CMD) Mukesh Ambani had explained their idea for their new energy business--first via hyper-integration, of scientific knowledge and technological innovation, following by building a business model that grabs the upward curve in demand for clean energy and downward curve in production cost, and third by working on increasing efficiency of assets and operations. In the past few days, the firm has made purchases and partnerships that follow that vision. Image Source

Next Story
Products

TOTO India Launches Premium G & L Showers with Sleek Faucet Range

TOTO India has launched its G Shower and L Shower series, alongside an expanded range of GT, LH, and Pull-Out lavatory faucets. The collection blends advanced technology, refined aesthetics, and everyday comfort, staying true to TOTO’s philosophy of creating spaces that are both beautiful and functional. The G Shower series delivers the 3Rs of showering: Relaxing, Refreshing, and Revitalizing. Features include the Calming Shawl spray mode, Warm Spa technology, and multiple overhead and hand-shower options across eight finishes. The L Shower complements this with easy-to-use controls sui..

Next Story
Infrastructure Energy

Hero Future Energies Secures Funding for 120 MW Hybrid Project

Hero Future Energies (HFE), through its SPV Clean Renewable Energy Hybrid Three, has secured Rs 19.08 billion in funding from the State Bank of India (lead) and Canara Bank. The funds will be used to develop and construct HFE’s 120 MW renewable energy hybrid project at Kurnool, Andhra Pradesh. The project, contracted with SJVN, integrates wind, solar, and storage technologies to deliver reliable peak power. With a 21-year repayment period, the funding ensures timely execution and the commencement of commercial operations. The financial closure demonstrates continued lender confidence in..

Next Story
Infrastructure Energy

IOC GPS Renewables Raises Rs 8.36 billion Debt for Compressed Biogas Plants

IOC GPS Renewables Private Limited (IGRPL), a joint venture between IndianOil Corporation  and GPS Renewables, has raised Rs 8.36 billion (approx. US$ 95 million) in debt financing from Indian Bank to execute nine Compressed Biogas (CBG) projects across India.   The funding is the largest single-bank debt raise in the CBG sector and the first fully non-recourse financing in India for these projects. The plants—four in Haryana, three in Uttar Pradesh, one each in Chhattisgarh and Andhra Pradesh—will each produce 15 tonnes of CBG per day using paddy straw as feedstock. All nin..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?