Mumbai: Grew Solar, a Ahmedabad-based renewable energy venture of Chiripal Group, is planning a capital outlay of Rs 2,800 crore to set up 3.6 GW of solar modules – which is currently under installation – and 3-GW of solar cell manufacturing capacity by the next 12-14 months, its Chief Executive Officer, Vinay Thadani, told ETEnergyWorld.
It is the latest in a series of high investment announcements in the RE industry in India buoyed by favourable policy environment and technology upgradation.
Thadani said that the capital will be in a 2:1 debt ratio, where about Rs 950 crore will be bought in as equity and the rest will be funded by leading banks of the country.
Recently, Grew Energy announced its strategic evolution into two focused entities Grew Solar and Grew Renewables. “Post this commercialisation, we will have 6.5 GW on solar modules and 3 GW with the backward integration on the solar cell,” he said.
At present, the company has 2.8 GW of operational capacity. It has set up two projects – one with 1.2 GW and the other with 1.6 GW capacity.
On the revenue front, he added that the company has already achieved Rs 850 crore target so far in FY25 and plans to close the FY above Rs 1,400 crore.
“It has a Rs 3,400-crore topline target by FY26, we are sitting on an order book of Rs 2,700 crore i.e. about 70 per cent,” Thadani said in the exclusive interaction.
Apart from this, the company also is planning to open a fundraise round ‘very soon’ as it plans to raise Rs 400 crore within this financial year itself from the investors, out of the equity requirement of Rs 950-crore capex.
On the export front, Thadani said that they plan to start exporting to the US and Europe by the end of CY25. “We do not export to any country as yet but we are hopeful to ship our first consignment by the end of this year,” he added.
On Wednesday, the company announced that it has partnered with ACME Solar to execute a solar power project in Bikaner, Rajasthan.
Thadani informed that the first solar cells will be out by March 2026 from its Madhya Pradesh manufacturing facility. He also added that in the future the firm also plans to enter manufacturing for ingots, wafers under Grew Solar.
Under Grew Renewables, the company will continue to focus on the EPC business.
