India’s Reliance unit to buy 20pc stake in Caelux in renewable energy push

Commuters are reflected on an advertisement of Reliance Industries' Jio telecoms unit, at a bus stop in Mumbai, India 21 February, 2017

Indian oil-to-chemicals conglomerate Reliance Industries Ltd said its unit Reliance New Energy Ltd would buy a 20 per cent stake for $12 million in solar technology developer Caelux Corp to produce more powerful and lower cost solar modules.

Pasadena, California-based Caelux is involved in research and development of perovskite-based solar technology that could see high efficiency solar modules produce 20 per cent more energy over the 25-year lifetime of a solar project for a lower installed cost, Reliance said in an exchange filing on Friday.

The stake purchase is part of the billionaire Mukesh Ambani-led conglomerate’s aggressive push into the renewable energy sector, with aims of producing 100 GW of solar energy by 2030.

Earlier this month, Reliance said it would acquire a 79.4 per cent stake in California-based solar energy software developer SenseHawk for $32 million.