Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Asia’s Richest Man Boosts Green Energy Push With Two More Deals

Stock MarketsOct 12, 2021 11:27PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Bloomberg. Photovoltaic modules stand at a solar power plant co-owned by Longi Green Energy Technology Co. and China Three Gorges Corp. in this aerial photograph taken in Tongchuan, Shaanxi Province, China, on Monday, July 20, 2020. Longi is the world's largest producer of solar wafers and the world's largest solar company by market value. Photographer: Qilai Shen/Bloomberg

(Bloomberg) -- Reliance Industries Ltd. will buy a German maker of photovoltaic solar wafers and signed a deal with a Danish company to manufacture hydrogen electrolyzers 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 L.P.

Asia’s Richest Man Boosts Green Energy Push With Two More Deals
 

Related Articles

Britain's M&S warns on outlook after profit jump
Britain's M&S warns on outlook after profit jump By Reuters - May 25, 2022

LONDON (Reuters) -British retailer Marks & Spencer (OTC:MAKSY) joined rivals in warning on the outlook for the current year amid a worsening cost-of-living crunch, taking the...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email