US$100m BII investment backs ReNew Energy (NASDAQ: RNW) solar manufacturing

Rhea-AI Filing Summary

ReNew Energy Global reported that it has received investment proceeds of INR 8,700 million (about US$100 million) from British International Investment for its solar manufacturing business. In return, BII will acquire up to 10% shareholding in ReNew Photovoltaics Private Limited, ReNew’s dedicated solar manufacturing arm, with the final percentage linked to ReNew Photovoltaics’ standalone EBITDA in FY26.

The funds will be used mainly to build a new 4 GW TOPCon solar cell facility in Dholera, Gujarat and to support further business growth. ReNew Photovoltaics, established in 2021, already operates 6.4 GW of solar module capacity and a 2.5 GW solar cell facility in Jaipur and Dholera, expanding ReNew’s integrated solar manufacturing footprint.

Insights

Renewable energy and project finance analyst

BII’s US$100m investment strengthens ReNew’s integrated solar manufacturing expansion.

ReNew Energy Global has secured INR 8,700 million (about US$100 million) from British International Investment for its solar manufacturing subsidiary, ReNew Photovoltaics. In exchange, BII will take up to a 10% stake, with the final shareholding tied to FY26 standalone EBITDA of ReNew Photovoltaics, aligning capital commitment with operating performance.

The proceeds are earmarked primarily for constructing a new 4 GW TOPCon solar cell facility in Dholera, Gujarat and for business growth. This complements existing capacity of 6.4 GW of solar PV modules and 2.5 GW of solar cells in Jaipur and Dholera, indicating a push toward larger scale and more advanced cell technology. External capital from a development finance institution also diversifies funding sources for ReNew’s manufacturing platform.

Because the ultimate equity percentage depends on FY26 standalone EBITDA at ReNew Photovoltaics, future disclosures around that subsidiary’s profitability will be important for understanding BII’s final stake. The new 4 GW TOPCon facility, once operational, could materially increase ReNew Photovoltaics’ production base alongside its current 6.4 GW module and 2.5 GW cell capacities.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

September 29, 2025

Commission File Number: 001-40752

RENEW ENERGY GLOBAL PLC

(Translation of registrant’s name into English)

C/O Vistra (UK) Ltd, Suite 3, 7th Floor

50, Broadway, London, England, SW1H 0DB, United Kingdom

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Other events

On September 29, 2025, ReNew Energy Global Plc (“ReNew”) announced that it has received the proceeds from British International Investment PLC (“BII”) towards an investment in its solar manufacturing business, which was announced on May 6, 2025. The investment proceeds are INR 8,700 million (~US$100 million) and BII will acquire up to 10%* shareholding, in ReNew Photovoltaics Private Limited (“ReNew Photovoltaics”), ReNew’s dedicated solar manufacturing arm. The proceeds will be primarily utilized to construct a new 4 GW TOPCon cell facility in Dholera, Gujarat and to grow the business.

Established in 2021, ReNew Photovoltaics comprises of fully operational 6.4 GW solar PV module facilities and a 2.5 GW solar cell facility, located in Jaipur, Rajasthan, and Dholera, Gujarat.

* The exact shareholding percentage may vary depending on FY26 standalone EBITDA of ReNew Photovoltaics

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: September 29, 2025	RENEW ENERGY GLOBAL PLC
	By:	/s/ Kailash Vaswani
	Name:	Kailash Vaswani
	Title:	Chief Financial Officer

FAQ

What investment did ReNew Energy Global (RNW) receive from British International Investment?

ReNew Energy Global received INR 8,700 million (about US$100 million) from British International Investment PLC as an investment into its solar manufacturing business through ReNew Photovoltaics Private Limited.

What ownership stake will British International Investment get in ReNew Photovoltaics?

British International Investment will acquire up to 10% shareholding in ReNew Photovoltaics Private Limited, with the exact percentage dependent on ReNew Photovoltaics’ FY26 standalone EBITDA.

How will ReNew Energy Global (RNW) use the INR 8,700 million investment proceeds?

The proceeds will be used primarily to construct a new 4 GW TOPCon solar cell facility in Dholera, Gujarat and to grow the solar manufacturing business operated by ReNew Photovoltaics.

What existing manufacturing capacity does ReNew Photovoltaics have?

ReNew Photovoltaics currently operates 6.4 GW of solar PV module facilities and a 2.5 GW solar cell facility, located in Jaipur, Rajasthan and Dholera, Gujarat.

When was ReNew Photovoltaics established and what is its role for ReNew Energy Global (RNW)?

ReNew Photovoltaics was established in 2021 and serves as ReNew Energy Global’s dedicated solar manufacturing arm, focusing on solar PV modules and solar cells.

What technology will the new ReNew Photovoltaics facility use?

The new facility to be funded by the investment will be a 4 GW TOPCon solar cell plant located in Dholera, Gujarat.