- Tuesday, February 25, 2025
By: Shubham Ghosh
INDIAN conglomerate Reliance Industries saw its shares rising 1.8 per cent to a record high on Monday (11) after announcing two deals over the weekend to buy solar capacity in its latest move towards net carbon zero in another 14 years.
Through its unit Reliance New Energy Solar Ltd., Reliance Industries is buying REC Solar Holdings, a Norway-headquartered solar-panel maker, for $771 million (£566 million) from China National Bluester and a stake up to 40 per cent in India’s Sterling and Wilson Solar.
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REC has patented technology and opens up the export market for Reliance’s solar business, analysts at New York-based financial services company Jefferies said in a note on Sunday (10), Reuters reported.
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“REC’s long operating history in Europe and the U.S. opens up the possibility of RIL exporting to these geographies,” Jefferies said.
Shares of Sterling and Wilson Solar went up 17 per cent to their highest in almost two years in heavy-volume trade following the Reliance deal.
Sterling and Wilson Solar has about 11.4 GWp of solar power projects around the planet and provides operations and maintenance services, as per a statement.
While Reliance shares have risen about 35 per cent this year, as of last close, Sterling and Wilson stocks have gained more than 67 per cent.
