Our investment
Description of the investment.
Description of the investment.
ReNew PV is the solar manufacturing subsidiary of ReNew Energy Global Plc, India’s second largest independent power producer. BII has invested $100 million into ReNew PV to expand cell manufacturing capacity by 4GW and reach an integrated cell and module capacity of 6.5GW. This will strengthen the renewable energy supply chain, boost clean energy generation, and create new jobs in the country.
Established in 2021, ReNew PV operates a 6.4 GW solar PV module facility and a 2.5 GW solar cell facility. These are located in Jaipur, Rajasthan and Dholera, Gujarat. Our investment will help business growth and expand the company’s manufacturing capacity by supporting construction of a new state of the art 4 GW TOPCon cell facility in Dholera, Gujarat. TOPCon is an advanced solar cell technology that improves the efficiency of solar cells. This is expected to create about 2,000 jobs and support the expansion of renewable energy generation in India.
Impact information
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
What?
| Impact |
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Supporting the development of a new solar PV cell and module manufacturing facility will contribute to sustainable industrialisation. It will provide a key input to support the expansion of renewable energy generation in India. It is also estimated that this will create c.2,000 direct jobs. Our investment will support the Sustainable Development Goals by:
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How?
| Primary | Secondary |
|---|---|
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Indirect: Provide a key input to meet demand and enable expansion of solar PV capacity in India, displacing primarily fossil fuel thermal generation. |
Catalysing markets: ReNew is one of the first solar manufacturing companies in India focussing on product traceability. They intend to develop a fully integrated facility which will be completely traceable from module to polysilicon sourcing. Currently they claim to have achieved 71% of traceability across the supply chain. If successful, this development is expected to create a demonstration effect and catalyse the market. |
Who?
| Stakeholder | Geography | Characteristics |
|---|---|---|
| Planet |
Planet |
n/a |
| Employees |
India (Gujarat) |
At present the Company employs c.2,600 people (on a permanent and contractual basis) with a mix of 45% semi-skilled/unskilled workers. Around 45% of employees are living below the poverty line ($6.85 PPP). The current male:female ratio stands at 5:1, which the company intends to improve to 3:1 by financial year 2027. |
How much?
| Scale | Depth/Duration |
|---|---|
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Through the capital raise, the company plans to set up an additional 3.5 GW of cell manufacturing capacity by the end of the 2027. It is further planning to expand module capacity to reach a total manufacturing capacity of 12.8 GW modules and 9.0GW cell by 2031. |
Around 6 million mtCO2e emissions avoided as a result of BII's investment. |
Contribution/additionality
| Contribution/additionality |
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ReNew is backed by a strong parent company, which is also participating in the investment. However, fund raising at the India subsidiary level has been a challenge with limited success. On value add, we have been able to agree a strong Environmental and Social Action Plan (ESAP) which covers both employees and supply chain regularisation. The core additionality is that BII will support ReNew to achieve 100% traceability in its supply chain. |
Risk
Unexpected Impact RiskExecution Risk |
Impact score
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Impact score (at point of investment)
The Impact Score is a tool to help us manage our performance against our strategic impact objectives. It is designed to incentivise investments that support our productive, sustainable, and inclusive objectives. The Impact Score shown is based on the 2022-2026 Impact Score methodology. You can find out more here. The Impact Score is published for investments made from 2022 onwards. The Impact Scores are calculated at the point of investment. We publish the Impact Scores of new investments annually, once the information has been externally assured by an independent third party. |
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Environmental and social information
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Environmental and social summary
A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.
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Environmental and social risk
A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.
Environmental and social summary
We agreed an ESAP covering (i) ESMS update with E&S risk assessment, waste management and EPR requirements (ii) improvement on labour and working conditions (iii) updating the supply chain risk assessment and management system, and (iv) climate risk assessment.
Environmental and social risk
High
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at [email protected]
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Key facts
- First published
:
When the investment was first published on the website database.
- September 2025
- Last updated
:
When the last quarterly update of the website database occurred.
- June 2026
- Project number
:
An identifier number shared by investments in the same project.
- D6788
- Status
:
The current status of the investment (green flag for active and red flag for exited).
- Active
- Region
:
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- South Asia
- Country
:
The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.
- India
- Sector
:
We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.
- Manufacturing
- Sub sector
:
The sub-sector that the investment is made into; this provides a more granular level of detail than the ‘sector’ information
- Machinery
- Investment policy :
- Growth
- Investment type :
- Equity
- Start date :
- May 2025
- Amount :
- $100m
- Currency of investment :
- INR
- Domicile
:
The company or investment fund’s place of incorporation.
- India
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
Type of investment portfolio that each investment is made under. Since 2014, we have run two investment portfolios: Catalyst and Growth. In addition, our Kinetic Portfolio enables us to manage concessional investment strategies.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- First published
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Gender and climate finance facts
- Climate finance
:
Indicates whether the investment is climate finance qualified or partially climate finance qualified and the type of climate finance (adaptation, mitigation or both). We define climate finance using the multilateral development bank (MDB) and the International Development Finance Club (IDFC) Common Principles climate finance methodology. See Common Principles for Climate Mitigation Finance Tracking and Common Principles for Climate Change Adaptation Finance Tracking. We provide the climate finance qualification and type for commitments from 2020 onwards, which is when we launched our Climate Change Strategy.
- Fully qualified
- Climate finance type
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Mitigation: Indicates investments which, by avoiding or reducing GHG emissions or increasing GHG sequestration, contributes substantially to the stabilisation of GHG concentrations in the atmosphere – at a level which prevents dangerous anthropogenic interference with the climate system consistent with the long-term temperature goal of the Paris Agreement
Adaptation: Indicates investments aimed at preventing or reducing the risks or vulnerabilities posed by climate change and increasing climate resilience. This includes both adapted activities and enabling activities to manage and reduce physical climate risks
Dual: Indicates investments directed towards activities contributing to both climate change mitigation and climate change adaptation and meeting the respective criteria for each category
The climate finance type of the investment is determined at time of commitment.
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- Mitigation
- Energy type
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‘Renewable’ includes energy sources such as solar, wind, hydro power, biomass or geothermal. ‘Fossil fuel’ includes coal, oil and gas. Investments labelled as ‘Mixed’ support a combination of renewable and fossil fuel assets.
- Solar
- Fossil Fuel or Renewable Exposure
:
‘Renewable’ includes energy sources with very low lifecycle emissions such as solar, wind and tidal or those meeting a certain criteria such as hydro power, biomass or geothermal. ‘Fossil fuel’ includes coal, oil and gas. Investments labelled as ‘Mixed’ support a combination of renewable and fossil fuel assets.
- Renewable
- Energy value chain
:
This refers to the activity within the energy sector value chain that the investee company is involved in.
- Midstream (service or equipment)
- 2X gender finance
:
Indicates whether the investment is ‘2X qualified’ using the 2X Challenge criteria. You can find out more here. It only applies to investments made from 2018 onwards, when the 2X Challenge was first launched.
- Fully qualified
- 2X qualification criteria:
:
2X Criteria the investment qualifies under. See 2X Criteria for more information.
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- Leadership — Senior Management
2X threshold 30%: Investee already meets threshold - Employment
2X threshold 25%: Investee commits to meet threshold - Governance and Accountability
- Leadership — Senior Management
- 2X sector
:
Indicates the specific 2X sector benchmark the investment qualifies under. See 2X Criteria for more information.
- Manufacturing
- 2X country
:
Indicates the specific 2X country benchmark the investment qualifies under. See 2X Criteria for more information.
- India
- Climate finance
