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Grew Energy and Gujarat Government Sign MoU Worth INR 3800 Crore

The company will set up a solar component manufacturing unit at Dholera with a capacity of 2.8 GW.

January 12, 2024. By News Bureau

Grew Energy signed a momentous Memorandum of Understanding worth INR 3800cr with the Government of Gujarat on the tenth edition of Vibrant Gujarat Global Summit in the presence of hon’ble Chief Minister of Gujarat Bhupendra Patel.

The company will set up a solar component manufacturing unit at Dholera with a capacity of 2.8 GW. Through this MOU, the Gujarat Government will help in facilitating the necessary clearances and expedite the establishment process of the unit.

Achieving this feat within the second year of Grew’s establishment, is a major boost for an emerging solar manufacturer and services provider. It will further help in generating employment for over 1600 people in and around Dholera and Gujarat.

The INR 3800cr investment is the biggest so far in the history of Grew and the company will raise the funds through a mix of internal accruals and external funding.

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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Business

Grew Energy

Memorandum of Understanding

Government of Gujarat

INR 3800 Crore

Vibrant Gujarat Summit 2024.