GREW Solar Secures ₹300 Crore Investment for Ambitious Expansion Plans
GREW Solar, a Chiripal Group company, has raised ₹300 crore in funding led by investors Vijay Kedia and Rohit Kothari. The funds will be used for product development, technological infrastructure, and expansion plans. The company aims to establish a 3.0 GW solar PV cell plant in Madhya Pradesh and expand to 8.0 GW capacity by 2026. GREW Solar recently launched M10 modules and commissioned a 1.2 GW facility in Rajasthan. By 2025, it targets 3.0 GW operational capacity and plans to deliver high-efficiency M10 TOPCon modules.
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GREW Solar, a solar PV manufacturer under the Chiripal Group umbrella, has successfully raised ₹300 crore in a significant funding round. The investment was led by prominent investors including Vijay Kedia and Rohit Kothari of GeeCee Holdings, marking a major milestone for the company's growth trajectory.
Funding Allocation
The newly acquired funds are earmarked for several strategic initiatives:
- Development of new products
- Strengthening technological infrastructure
- Driving expansion plans
Expansion Plans
GREW Solar has outlined ambitious expansion plans, including:
- Establishment of a 3.0 GW solar PV cell plant in Narmadapuram, Madhya Pradesh
- Further expansion to 8.0 GW capacity by the end of 2026
Recent Achievements
The company has already made significant strides in its growth journey:
- Launched M10 modules with capacities up to 550 Wp in FY23
- Commissioned a 1.2 GW PV module manufacturing facility at Dudu, Rajasthan
Future Projections
Looking ahead to 2025, GREW Solar has ambitious targets:
- Scaling operational capacity to 3.0 GW
- Delivering high-efficiency M10 TOPCon modules with capacities up to 590 Wp
- Expanding the Dudu plant to 11.0 GW capacity
This substantial investment and expansion plan positions GREW Solar as a significant player in India's growing solar energy sector. The company's focus on increasing manufacturing capacity and developing high-efficiency modules aligns with the country's push for renewable energy adoption and self-reliance in solar technology.
The backing of notable investors like Vijay Kedia and Rohit Kothari not only provides the necessary capital but also lends credibility to GREW Solar's vision and potential in the market. As the company moves forward with its expansion plans, it is poised to play a crucial role in India's solar energy landscape.
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