Grew Energy to infuse Rs 6,000 cr in solar capacity expansion

The company had earlier set a target to invest Rs 5,400 crore for 4-GW of solar module manufacturing capacity with backward integration.

New Delhi: Grew Energy, the renewable energy vertical of the Chiripal Group, plans to invest Rs 6,000 crore for setting up 6 gigawatt (GW) solar module manufacturing capacity in the country, the company’s Director, Vinay Thadani told ETEnergyWorld.

In March this year, Thadani had told us that the company was targeting to invest Rs 5,400 crore to set up 4-GW of solar module manufacturing capacity with backward integration.

The company aims to set up a 2.8-GW module manufacturing facility at Dudu, near Jaipur, Rajasthan and has recently announced another 3.2 GW of module manufacturing which makes 6 GW of total module manufacturing by March 2025.

“We also have plans to set up an additional 2.8 GW of manufacturing plant of solar cells, ingots, and wafers. This is our entire plan on the manufacturing front, completion of which is expected around March 2025,” said Thadani. He said 2.8 GW capacity includes 1.2 GW of operational modules manufacturing capacity while for the rest 1.6 GW, capex is going in the module front.

“For 3.2 GW module and 2.8 GW cell capacity, we are going to start it in December this year at Dholera, Gujarat,” he said.For this total capacity of 6 GW, the investment would go to about Rs6,000 crore out of which 60 per cent to 65 per cent will be through debt and for rest the promoters will be infusing.

“Apart from that we are looking for an equity partner which will be coming in the next few quarters… We are looking to raise about $100 million through equity partners. We are in talks with a few leading private investors in India,” he said.

Regarding the policy environment in the country, he said that for any tender which is floated by SECI or other state bodies has prerequisites and pre-qualifications of the updated technology that hampers all the new companies, manufacturing players coming up in PLI to participate in such types of tenders. “We feel these pre-qualification criteria should be relaxed for the PLI players which are coming up with new technology. This can make a huge impact over all the PLI players which are intended to make backward integration and coming up with huge investment targets,” he said Thadani added that they have discussed this with concerned government

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