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Asia’s richest man boosts green energy push with two more deals

The NexWafe transaction is proposed to be completed by end-October. Reliance will also use NexWafe technology to build large-scale wafer factories in India.
Image: Qilai Shen/Bloomberg

Reliance Industries Ltd. will buy a German maker of photovoltaic solar wafers and signed a deal with a Danish company to manufacture hydrogen electrolysers in India, as Mukesh Ambani’s oil-to retail conglomerate pivots to green energy.

Reliance New Energy Solar Ltd. agreed to acquire NexWafe GmbH for 25 million euros ($28.8 million), the Indian group told the exchanges late Tuesday. It will also license Stiesdal A/S’s technology for the hydrolyzers, it said in a separate statement.

The announcements are part of a string of deals Asia’s richest man has announced in recent days as he pledges to invest $10 billion in alternative energy over three years, putting him squarely in competition with Gautam Adani’s Adani Group, which is planning to pour $20 billion over 10 years into renewable energy. Two days ago, Ambani’s conglomerate said it bought solar panel maker REC Solar Holdings AS from China National Bluestar Group Co. and signed a pact to acquire 40% of Sterling & Wilson Solar Ltd.

The NexWafe transaction is proposed to be completed by end-October. Reliance will also use NexWafe technology to build large-scale wafer factories in India.

© 2021 Bloomberg

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