Reliance launches green energy push with two more deals with German and Danish companies

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Reliance Industries Chairman Mukesh Ambani at the Company’s Annual General Meeting in Mumbai | ANI file photo

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Bombay: Reliance Industries Ltd. will buy a German manufacturer of solar PV wafers and has signed a deal with a Danish company to manufacture hydrogen electrolyzers in India, as petroleum retailer Mukesh Ambani conglomerate turns to green energy .

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

The announcements are part of a series of deals that 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 plans to pay $ 20 billion over 10 years into renewable energies. Two days ago, the Ambani conglomerate announced that it had bought solar panel maker REC Solar Holdings AS from China National Bluestar Group Co. and signed an agreement to acquire 40% of Sterling & Wilson Solar Ltd.

The NexWafe transaction is expected to be finalized by the end of October. Reliance will also use NexWafe technology to build large-scale wafer factories in India. Bloomberg


Read also : Reliance accelerates its push towards green energy with solar agreements


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