Grew Energy secures Rs 3,800 cr investment for 2.8 GW Solar Manufacturing Unit in Gujarat

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Grew Energy secures Rs 3,800 cr investment for 2.8 GW Solar Manufacturing Unit in Gujarat

Grew Energy secures Rs 3,800 cr investment for 2.8 GW Solar Manufacturing Unit in Gujarat

Industry News
Jan 17,24

The agreement outlines Grew Energy's plans to establish a solar component manufacturing unit with a 2.8 GW capacity in Dholera by 2025.

Grew Energy secures Rs 3,800 cr investment for 2.8 GW Solar Manufacturing Unit in Gujarat

At the Vibrant Gujarat Global Summit, Grew Energy formalized a Memorandum of Understanding valued at Rs 3,800 crore in the presence of Chief Minister Bhupendra Patel. The agreement outlines Grew Energy's plans to establish a solar component manufacturing unit with a 2.8 GW capacity in Dholera by 2025. The Gujarat government, through this MoU, will facilitate necessary clearances and expedite the establishment process of the unit.

This significant investment, the largest in Grew Energy's history, will be funded through a combination of internal accruals and external financing. The company anticipates creating employment opportunities for more than 1,600 individuals in and around Dholera. Vinay Thadani, Director and CEO of Grew Energy Private, expressed gratitude to the government of Gujarat for their support and commitment to ensuring a smooth establishment of the manufacturing unit.

Thadani emphasized the historic significance of the Vibrant Gujarat Global Summit '24 for Grew Energy and outlined plans to commence the establishment process of the Dholera unit in 2025. This venture is expected to be a cornerstone for the company's growth and future expansion, contributing significantly to its vision of becoming a leading player in the country's renewable energy ecosystem.

Established in 2022, Grew Energy, the renewable arm of the Chiripal Group, is on a trajectory to become a major player in the renewable energy sector. The company has already initiated a 1.2 GW module manufacturing facility in Dudu, near Jaipur, Rajasthan, with plans to add another 1.6 GW at the same location. Additionally, Grew Energy recently announced a 3.2 GW manufacturing unit in Dholera, Gujarat, bringing the total manufacturing capacity to 6 GW by March 2025.

Source: ET Energy World