Reliance buys Norway's REC Solar Holdings from China's Bluestar for $771 mn

Mukesh Ambani-controlled Reliance New Energy Solar, a wholly owned subsidiary of Reliance Industries (RIL), has acquired REC Solar Holdings (REC Group) from China National Bluestar (Group) Co. An RIL statement said the transaction is for an enterprise value of $771 million.

This is the first major renewable energy deal, where an equipment manufacturing facility has been acquired.

In other recent deals, such as the ones between Adani and SB Energy Corp., or the ORIX-Greenko and GPSC-Avaada share acquisitions, renewable energy projects or companies that have installed power generation capacity were involved.

Another significant deal for the renewable energy sector was the merger of