Mukesh Ambani’s $10-billion renewables dream will take wings with the acquisition of Norway-based solar panel manufacturer REC Solar Holdings and a 40 percent stake in Sterling & Wilson Solar, a Shapoorji-Pallonji group company, with a combined deal value of more than Rs 9,300 crore.

Reliance New Energy Solar (RNESL), a wholly owned subsidiary of Reliance Industries (RIL), on Sunday acquired 100 percent shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co, for an Enterprise Value of $771 million (Rs 5,800 crore).

Simultaneously, RNESL also has executed definitive agreements with Shapoorji Pallonji and Company (SPCPL), Khurshed Daruvala and Sterling & Wilson Solar (SWSL) to acquire 40 percent stake post-money in SWSL through a series of transactions.

These transactions include a 15.9 percent preferential allotment, purchase of 9.7 percent stake from the promoters and an open offer for 26 percent. Altogether, the transactions could entail total investment of up to Rs 3,900 crore, depending on the price at which the open offer is made.

These are the first steps in green energy by the oil-to-retail and telecom giant. While they may not match the recent Adani Green Energy’s acquisition of SoftBank-promoted SB Energy for $3.5 billion, they indicate RNESL’s ambitions to establish a dominant position in the global green energy arena.

The acquisition of REC Solar will help Reliance expand in the US, Europe, Australia and elsewhere in Asia. The 40 percent stake in Sterling & Wilson Solar will provide Reliance the capability to execute clean energy projects globally.

With 11-plus GW of solar turnkey projects executed globally and more than five decades of engineering experience, SWSL is a leading international EPC and O&M service provider in the renewables sector. The company has a 3,000 strong team and presence across 24 countries.