Solar module manufacturer GREW Solar announced it has raised Rs 1,050 crore from Bay Capital Investment and two other institutional investors. The funding will be used to expand its solar cell manufacturing facility, increasing the capacity from the planned 3 GW to 8 GW.
“With this capital, we are well positioned to accelerate our expansion, improve operational efficiency, and further strengthen our technology and scale,” Chief Executive Officer and Director Vinay Thadani said.
This latest capital infusion follows the company’s earlier Rs 300 crore funding round from marquee investors, including Vijay Kedia and Rohit Kothari of GeeCee Holdings.
The company operates a 6.5 GW solar module manufacturing facility in Rajasthan. It is expanding its manufacturing capacity at its Rajasthan and Madhya Pradesh facilities to support integrated, end-to-end solar production, the company said.
Founded in 2022, Chiripal Group-backed GREW Solar has an operational capacity of 3 GW. It plans to set up a 3 GW solar cell plant at Narmadapuram, Madhya Pradesh, and expand it to 8 GW by the end of this year. The company is currently expanding the capacity of the Rajasthan plant to 11 GW.
GREW Solar had won an allocation of 2 GW under the PLI scheme for wafer, cell and module manufacturing.
