Gandhinagar (Gujarat) [India], January 11 : Grew Energy signed a Memorandum of Understanding worth Rs 3,800 crore at the ongoing Vibrant Gujarat Global Summit in the presence of Chief Minister Bhupendra Patel.
The company intends to set up a solar component manufacturing unit at Dholera with a capacity of 2.8 GW, by 2025, it said in a release.
Through this MoU, the Gujarat government will facilitate the necessary clearances and expedite the establishment process of the unit.
Grew said this investment will help generate employment for over 1,600 people in and around Dholera, the release added.
Grew said the Rs 3,800 crore investment is the biggest so far in its history and will raise the funds through a mix of internal accruals and external funding.
Vinay Thadani, Director and CEO of Grew Energy Private, said, "Vibrant Gujarat Global
Summit '24 is historic for Grew. We would like to thank the government of Gujarat for their faith on us and for their promise to ensure a smooth sailing of the proposed manufacturing unit. We now have a head-start to establish our 2.8GW Solar Cell and Wafer manufacturing unit in Gujarat."
"We plan to commence the establishment process of our Dholera unit, in 2025 and envision this to be a cornerstone for the company's growth and future expansion plans. It will give a tremendous boost to our vision of emerging as one of the leading players in the renewable energy ecosystem in the country."
Founded in 2022, Grew's vision to become the next renewable energy giant with its innovative solar solutions.
Grew Energy Pvt Ltd is the renewable verticle of the Chiripal Group. The company has started its 1.2 GW module manufacturing facility at Dudu, near Jaipur, Rajasthan, and add another 1.6GW at same location.
It also recently announced another 3.2 GW of another manufacturing unit at Dholera, Gujarat which will take total manufacturing capacity to 6GW by March 2025.
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