Grew Energy Inks INR 3800 Crore Deal with Gujarat Government for 2.8 GW Solar Manufacturing Unit

12 Jan 2024 , 03:07 PM

Grew Energy signed a significant Memorandum of Understanding (MOU) valued at INR 3800 crore with the Government of Gujarat during the tenth edition of the Vibrant Gujarat Global Summit.

The MOU signing occurred in the presence of the Chief Minister of Gujarat, Bhupendra Patel.

Grew Energy plans to establish a solar component manufacturing unit with a capacity of 2.8 GW at Dholera through this collaboration.

The Gujarat Government will assist in obtaining necessary clearances and expediting the establishment process of the unit.

This achievement is a significant milestone for Grew Energy, marking its success within the second year of establishment as an emerging solar manufacturer and services provider.

The initiative is expected to create employment opportunities for over 1600 people in and around Dholera and Gujarat.

The INR 3800 crore investment represents the largest in Grew Energy’s history, and the company plans to raise funds through a combination of internal accruals and external funding.

Vinay Thadani, Director & CEO of Grew Energy Private Ltd, expressed gratitude to the government of Gujarat for their support and outlined plans to commence the establishment process of the Dholera unit in 2025.

The 2.8GW Solar Cell & Wafer manufacturing unit is envisioned as a cornerstone for the company’s growth and future expansion, contributing to its vision of becoming a leading player in the renewable energy ecosystem in the country.

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