GREW Solar, an Ahmedabad-based renewable energy venture of Chiripal Group, on Monday (Sept.8) announced that it has raised nearly $34 million (Rs 300 crore) from a diverse set of investors, including Vijay Kedia and Rohit Kothari (GeeCee Holdings).
GREW Solar will utilise the new funds towards developing new products, strengthening its technological infrastructure and driving expansions, it said in a statement.
“These investments validate our strategy and motivates us to build a robust solar ecosystem that powers India’s green ambitions. This will fuel our next phase of growth and strengthen our commitment to contribute meaningfully to India’s renewable energy goals,” said Vinay Thadani, Director & CEO of GREW Solar.
Founded in 2022, GREW Solar launched M10 modules of up to 550 Wp and commissioned 1.2 GW of PV module manufacturing at Dudu, Rajasthan in its first year of operations. By 2025, GREW Solar scaled its operational capacity to 3.0 GW, delivering M10 TOPCon modules of up to 590 Wp, the statement said. The company is currently expanding its Dudu PV module manufacturing plant to 11.0 GW.
Looking ahead, GREW will initially establish a 3 GW solar PV cell plant at Narmadapuram, Madhya Pradesh, followed by a capacity expansion to 8 GW by end-2026 at the same location, enabling backward integration.
“I invest in companies that are built on integrity, vision, and execution strength. GREW Solar embodies these values and is well-positioned to ride India’s renewable energy wave, particularly in solar manufacturing. It has the potential to create long-term value for investors while advancing India’s leadership in clean energy,” said Vijay Kedia.
