Reliance Industries Limited (RIL) has acquired Norwegian solar panel maker REC Solar Holdings 

The deal from China National Bluestar (Group) Company Limited is worth $771 million 

The conglomerate’s Reliance New Energy Solar Limited did the purchase

In June, RIL had said that it would invest $10.1 bn in clean energy over three years

The company plans to build a solar capacity of at least 100 gigawatts (GW) by 2030

This will account for over a fifth of India’s target of installing 450 GW by the end of this decade

The group aims to build four “giga factories” 

It’s to produce solar cells and modules, energy storage batteries, fuel cells and green hydrogen

The acquisition would support Reliance in key global green energy markets like the US and Europe 

Reliance’s green push comes as India raises its renewable energy capacity, currently about 100 GW

 India aims to meet about two-fifths of its electricity needs by 2030 under the Paris climate accord