Reliance to be lead investor in Germany's NexWafe via solar energy arm, RNESL

Reliance has acquired a stake in a German solar panel manufacturer, NexWafe, investing $29 million during the company's Series C financing round.

"Reliance New Energy Solar Limited (RNESL), a wholly-owned subsidiary of the Company, has entered into an agreement with NexWafe GmbH (NexWafe) for acquiring 86,887 series C preferred shares," RIL said in a regulatory filing.

The acquisition could pave the way for technology transfer and Reliance expanding solar panel manufacturing in India.


"Reliance, through this partnership, will secure access to NexWafe’s proprietary technology and plans to build large-scale wafer manufacturing facilities in India using the NexWafe processes and technology," said a NexWafe press release.