SOLAR+STORAGE

Norwegian solar energy company REC Group becomes part of Reliance Industries Ltd. and accelerates its expansion

REC Group | October 11, 2021

REC Group, an international pioneering solar energy company headquartered in Norway, today announces Reliance New Energy Solar Limited, a wholly owned subsidiary of Reliance Industries Ltd (Reliance), has signed a definitive binding agreement to acquire 100% shareholding of the largest European solar panel brand. REC Group (REC) welcomes the decision as this will allow a significant acceleration of the company's expansion plans.

Over its 25-year history, REC has consistently set new standards and introduced numerous innovations in the solar PV industry. This deal is therefore a perfect fit for the two strong brands with big ambitions to speed up the energy transition for a cleaner future. REC's production capacity has limited the company in serving more customers in more markets which demand its cutting-edge high-quality products. This new ownership will allow REC to rapidly boost its scale and better serve its increasing customer base and end consumers.

With Reliance's financial strength and commitment to solar, REC will grow to over 5 GW of capacity within the next 2 to 3 years in Singapore, Europe and USA. In India, Reliance plans to use this industry leading technology in their fully integrated, metallic Silicon to PV Panel manufacturing giga factory at Dhirubhai Ambani Green Energy Giga Complex, Jamnagar initially starting with 4 GW per annum capacity and eventually growing to 10 GW per annum. The combination of high-efficiency solar panels and economies of scale will allow consumers in more markets around the globe to access REC's premium solar panels and benefit from highly competitive electricity costs per kWh while actively reducing carbon emissions. As part of the Reliance family, REC and Reliance will accelerate their joint mission to empower people around the globe with clean and affordable solar energy.

Headquartered in Mumbai, India, Reliance is India's largest private sector company, with a consolidated turnover of INR 539,238 crore ($73.8 billion), cash profit of INR 79,828 crore ($10.9 billion), and net profit of INR 53,739 crore ($7.4 billion) for the year ended March 31, 2021. Reliance's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.

Founded and headquartered in 1996 in Oslo, Norway, REC has grown to become a credible advocate for the global energy transition and green economy by strongly focusing on highly innovative solar technology. Among REC's key innovations are the award-winning split cell and junction box technology in a patented twin panel design as well as the lead-free and RoHS-compliant REC Alpha Pure solar panel, based on the advanced heterojunction cell technology. By providing high power density solar panels with a reliable long-term performance and a comprehensive warranty, REC makes it easy for homeowners and businesses to benefit from significant savings on electricity costs and carbon emissions. REC's advanced manufacturing techniques and its low carbon footprint silicon production in Norway allows consumers to even further minimize their personal environmental footprint.

LW44 is acting as the exclusive financial advisor and Fangda Partners and Baker McKenzie as legal advisors to REC and China National Bluestar (Group) Co in this transaction.

About Reliance Industries Limited (RIL)
Reliance is India's largest private sector company, with a consolidated turnover of INR 539,238 crore ($73.8 billion), cash profit of INR 79,828 crore ($10.9 billion), and net profit of INR 53,739 crore ($7.4 billion) for the year ended March 31, 2021. Reliance's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services. Reliance is the top-ranked company from India to feature in Fortune's Global 500 list of 'World's Largest Companies'. It features among LinkedIn's 'The Best Companies to Work For in India' (2021).

About REC Group
REC Group is an international pioneering solar energy company dedicated to empowering consumers with clean, affordable solar power through high-quality solar panels with a leading power density. As Solar's Most Trusted, REC is known for its patented innovations and multiple award-winning products with reliable long-term performance. The cornerstone for REC's strong reliability is advanced and highly efficient manufacturing using Industry 4.0 practices. Founded in 1996 in Norway, REC has always been committed to a low carbon footprint in its solar materials and panels. REC is headquartered in Norway with operational headquarters in Singapore and regional hubs in North America, Europe, and Asia-Pacific.

Spotlight

Polar Explorer Robert Swan & Commvault CMO Chris Powell highlight SPEC's (South Pole Energy Challenge) need to protect Antarctica via the use of renewable energy, and how everyone can make a contribution by making small changes to their lifestyle.

Spotlight

Polar Explorer Robert Swan & Commvault CMO Chris Powell highlight SPEC's (South Pole Energy Challenge) need to protect Antarctica via the use of renewable energy, and how everyone can make a contribution by making small changes to their lifestyle.

Related News

PRODUCTS

VIGORPOOL Introduces the Captain 1200, a New Generation of Smart Solar Generators

VIGORPOOL | June 09, 2022

On June 15th, EST, VIGORPOOL, a company that delivers portable, green energy solutions, will launch the Captain 1200, its new flagship product, on Indiegogo. With a continuous output power of 2400W and a peak power of 4800W, the power station provides a parallel function, allowing customers to connect two units and quadruple the capacity to 2560Wh. It also has a dual rapid charging mechanism that allows it to charge completely in 1.5 hours. When the Captain 1200 is combined with solar panels, it forms a green solar generator that produces safe, clean, pollution-free, renewable electricity. It is also more durable and safer than similar items with similar power capacities. Its battery will last around nine years if used and recharged every day. FEATURES OF VIGORPOOL CAPTAIN 1200: 1. Perform a parallel function The introduction of the Parallel Function marked a watershed moment in the mobile power supply business. When two Captain 1200s are connected in parallel, the capacity is increased to 2560Wh, and the continuous output power is increased to 2400W. The Captain 1200's longer battery life and higher power output make it more suited for a wider range of mobile power applications. 2. Longer-lasting and more cost-effective The Captain 1200 employs a lithium iron phosphate (LiFePO4) battery, which is both safer and more robust. In comparison to ternary lithium batteries, which lose roughly 20% of their charge capacity after 500 cycles, LiFePO4 batteries withstand 3500+ charge cycles before reaching 80% capacity. Because of the improved durability, even if the unit is used and recharged every day, it will last for 9 years without losing substantial capacity. As a result, the requirement for product replacement and recurring purchases is greatly decreased. 3. A Portable Energy Station on Wheels Because of its high output and 12 different types of power ports, the Captain 1200 is compatible with 99 percent of equipment and appliances on the market. There's also a built-in wireless charging station for charging cordless phones on the road. 4. It Only Takes 1.5 Hours To Recharge The Captain 1200 accomplishes actual fast charging while keeping the unit and battery safe thanks to the smart built-in BMS system. The Captain 1200 can be charged by both the main charger and the solar panel at the same time to accomplish Duel Fast Charging, which takes only 1.5 hours to complete. 5. Uninterruptible Power Supply (UPS) (UPS) Any devices plugged into the Captain 1200 will run straight from the power supplied by the outlet if it is kept plugged into a wall outlet. The Captain 1200's UPS feature restores power within 10 milliseconds following a power outage, safeguarding the operation of important equipment such as household freezers, CPAPs, and computers. 6. BMS Protection System with Three Layers VigorPool prioritizes safety beyond anything else. The VigorPool Captain 1200 features a three-layer BMS system to assure the safety of the user and the equipment, whereas similar products only enable two-layer BMS protection. 7. A Sustainable Energy System The VigorPool Captain 1200 may be combined with 100W, 200W, or 400W solar panels to create a solar generator that can be used anywhere. Furthermore, its built-in MPPT charge controller intelligently adjusts the charging power, resulting in a 30 percent higher solar charging efficiency than standard solar charging systems. 8. Intelligent Control System Users may check battery data, control charge and discharge operations, and access other options via their phone or tablet using the VIGORPOOL APP.

Read More

SUSTAINABILITY,ENERGY

Accenture Uses Artificial Intelligence-Driven Database to Help Reduce Electricity Rates for Colonial Pipeline’s Interstate System

Accenture | July 16, 2022

Accenture (NYSE: ACN) is using a proprietary database powered by artificial intelligence (AI) to help Colonial Pipeline, the largest refined products pipeline in the United States, reduce regulated and deregulated electric utility rates for its interstate pipeline system.The energy-management project leverages Accenture’s Utility Tracking System (UTS), a proprietary database of approximately 30 million anonymized utility bills that the company has been aggregating for more than 20 years. Built to identify power tariff options around the world, UTS uses AI-powered insights and automation as part of Accenture’s SynOps platform to continuously improve the efficiency and reliability of electricity rate-savings recommendations. Accenture is using insights generated by UTS to evaluate power bills for operations at approximately 80 Colonial Pipeline pump stations along its 5,500-mile pipeline system, which delivers approximately 100 million gallons of refined petroleum products daily to markets in the Southern and Eastern United States. Armed with information about tariff options, Accenture presents lower-cost options — e.g., reduced cost per kilowatt-hour — to Colonial Pipeline, and then works with utilities to help implement new rates. “This initiative, which is part of our ongoing effort to optimize utility rates, has shown encouraging results early on and should continue to help us in our comprehensive review of all utility accounts on our system, We look forward to our continued partnership with Accenture as we identify opportunities to transition to renewable energy to power our pump stations.” -Tony Leo, manager of energy management and power optimization for Colonial Pipeline Yusuf Tayob, group chief executive of Accenture Operations, added, “Our work for Colonial Pipeline is a great example of how Accenture’s long-term investments in technologies are helping clients deepen business resilience amid evolving market conditions. We look forward to making further progress on this project and to helping Colonial Pipeline evaluate how it can buy green energy, which increasingly is powering infrastructure as consumers and stakeholders demand cleaner air and less environmental impact.” About Accenture Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Technology and Operations services and Accenture Song — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 710,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at accenture.com. About Colonial Pipeline: Colonial Pipeline Company, founded in 1962, connects refineries ­– primarily located in the Gulf Coast ­– with customers and markets throughout the Southern and Eastern United States through a pipeline system that spans more than 5,500 miles. The company delivers refined petroleum products such as gasoline, diesel, jet fuel, home heating oil, and fuel for the U.S. military. Colonial is committed to safety and environmental stewardship across its operations. More information about Colonial is available at www.colpipe.com. Copyright © 2022 Accenture. All rights reserved. Accenture and its logo are trademarks of Accenture. This content is provided for general information purposes and is not intended to be used in place of consultation with our professional advisors. This document refers to marks owned by third parties. All such third-party marks are the property of their respective owners. No sponsorship, endorsement or approval of this content by the owners of such marks is intended, expressed or implied

Read More

SOLAR+STORAGE

Nelnet Acquires Solar Construction Firm GRNE Solutions

Nelnet | July 06, 2022

Nelnet (NYSE: NNI) announced a controlling investment in affiliates of GRNE Solutions, LLC (GRNE), known as GRNE Solar, a leading Midwest solar engineering, procurement, and construction (EPC) firm. In addition, Nelnet acquired certain solar assets from an affiliate of GRNE, some already generating power and others currently being constructed. The transaction closed July 1, 2022. GRNE designs and installs residential, commercial and utility-scale solar systems in Illinois, Indiana, Iowa, Nebraska, Missouri and soon in Colorado. Its solar projects typically generate between 1 megawatt (MW) to 5 MWs of power. GRNE also offers battery backup, electric vehicle charging, energy monitoring, and operations and maintenance services. Based in Palatine, Ill., and Lincoln, Neb., GRNE was established in 2012 by Jess Baker and Eric Peterman. The co-founders will continue to lead GRNE and retain a minority ownership interest in the company. Today, GRNE has grown to more than 80 employees in seven office locations in their service area. "We are excited to partner with Jess, Eric and the GRNE team to accelerate their growth plans and our diversification into solar development, The GRNE team has earned a strong reputation in the solar industry for their culture, values and high-quality execution and construction management. Together, we will create a unique solution in the renewable space, including EPC services, financing solutions and subscription management." -Scott Gubbels, Nelnet executive director of tax and renewable energy. Nelnet is a diversified and innovative company, which includes a brand dedicated to renewable energy offerings and solutions, Nelnet Renewable Energy. Through tax-equity investing, its tax co-investing platform, community solar subscription and campus solar development solutions, Nelnet Renewable Energy provides significant value to its partners and customers within various industries. Since its initial investment in 2018, Nelnet Renewable Energy has expanded its solar investment portfolio, including with co-investors, to more than $240 million in more than 200 solar projects. In addition, Nelnet Renewable Energy acquires and manages thousands of subscribers for our community solar development partners. "This acquisition presents an outstanding opportunity for the growth of GRNE and for Nelnet's continued expansion into the renewable energy space. With Nelnet's proven track record for growing and scaling business as well as GRNE's industry expertise, we will continue to accomplish amazing things. Solar energy is a key component to accomplishing the energy goals of the future, and we are proud to be part of the solution," -Jess Baker, co-founder and president of GRNE Solar. This acquisition combines two complementary businesses that understand the critical need for renewable energy in the future. GRNE brings more than a decade of solar engineering and construction experience and will be able to leverage Nelnet's years of customer service expertise, financial strength, and asset management experience to fulfill its increasing demand. "With Nelnet's investment in GRNE, we have planted another seed toward a cleaner future," said Gubbels. About GRNE Since 2012, GRNE has been designing and installing commercial, residential and utility scale solar systems throughout the Midwest. Its full-service team includes consultants, engineers, project managers, electricians and solar installers. Collectively, the GRNE team has over three decades of renewable energy and green construction experience and has proudly generated over 35 gigawatt hours (GWh) of clean renewable energy. Visit GRNESolar.com About Nelnet Nelnet (NYSE: NNI) is a publicly traded diversified financial services and technology company focused on offering educational services, technology solutions, professional services, telecommunications, renewable energy, and asset management. Nelnet has nearly $21 billion in assets, including a $17.6 billion loan portfolio, and services almost $560 billion in loan assets. Since 2018, Nelnet Renewable Energy has funded or committed to the construction of more than $1.5 billion of solar energy projects via tax equity financing. From this foundation, the company has broadened its engagement in the renewable energy sector by adding administrative and management services for tax equity investments, community solar subscriber acquisition and management and solar development. To learn more visit NelnetInc.com.

Read More