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Home » News » Grew energy Inks INR 3800 crore deal for 2.8 GW solar manufacturing unit in Gujarat

Grew energy Inks INR 3800 crore deal for 2.8 GW solar manufacturing unit in Gujarat

January 12, 2024 3:22 pm

Grew energy Inks INR 3800 crore deal for 2.8 GW solar manufacturing unit in Gujarat
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Vibrant Gujarat Summit witnesses historic pact, propelling Grew Energy as a key player in renewables.

Grew Energy marked a significant milestone by signing a momentous Memorandum of Understanding valued at INR 3800 crore with the Government of Gujarat during the tenth edition of the Vibrant Gujarat Global Summit. The honorable Chief Minister of Gujarat, Bhupendra Patel, graced the occasion with his presence.

As outlined in the MOU, Grew Energy is set to establish a solar component manufacturing unit in Dholera with a robust capacity of 2.8 GW. Through this collaborative agreement, the Gujarat Government will play a pivotal role in expediting the necessary clearances and facilitating the swift establishment of the manufacturing unit.

This achievement holds particular significance as Grew Energy accomplishes this feat within its second year of establishment, showcasing the company’s rapid growth as an emerging player in the solar manufacturing and services sector. The establishment of the manufacturing unit is expected to create employment opportunities for over 1600 individuals in and around Dholera and Gujarat, contributing to regional economic development.

The substantial investment of INR 3800 crore represents the largest financial commitment in Grew Energy’s history. To fund this ambitious project, the company plans to utilise a combination of internal accruals and external funding sources.

The partnership between Grew Energy and the Gujarat Government underscores the commitment to bolstering the renewable energy sector and promoting sustainable initiatives. The establishment of the solar component manufacturing unit aligns with the broader goals of fostering economic growth, technological advancement, and job creation in the region.

This collaborative venture not only signifies a major stride for Grew Energy but also contributes to the overall renewable energy landscape, reflecting the commitment of both parties to drive progress in the clean energy sector. The successful realisation of this ambitious project is poised to make a lasting impact on the solar manufacturing industry and further strengthen the economic ties between Grew Energy and the state of Gujarat.

Vinay Thadani, Director & CEO of Grew Energy Private Ltd 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 in ensuring a smooth sail of the proposed manufacturing unit. We now have a head-start to establish our 2.8GW Solar Cell & Wafer manufacturing unit in Gujarat. We plan to commence 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.”

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