Que: GREW Solar recently raised INR 300 crore to fund the company’s expansion. Can you provide a brief overview of the company’s current operating capacity and future expansion plans?

Ans: At GREW Solar, we see ourselves as more than a manufacturing company – we’re building a strong ecosystem to power India’s clean energy transition. The recent INR 300 crore investment from marquee investors such as Vijay Kedia and Rohit Kothari is a strong validation of our vision and strategy. Their confidence not only energises our journey but also strengthens our commitment to play a meaningful role in advancing India’s renewable energy goals. This capital infusion will support our next phase of growth – fuelling innovation, upgrading technological infrastructure, and enabling large-scale expansion.

Today, we operate a 3 GW PV module manufacturing facility in Dudu (Jaipur), and we are on track to scale our capacity to 11 GW by the end of this year. In parallel, our upcoming 8 GW PV cell facility in Narmadapuram, Madhya Pradesh, to be functional by 2026, will give us an integrated manufacturing edge and position us to contribute significantly to India’s ambition of becoming a global solar hub.

Que: The government has announced the implementation of the ALMM list-II from June 1, 2026. How are you aligning your upcoming expansion into solar cells, keeping this timeline in mind? How are you planning to bridge the cell and module manufacturing gap?

Ans: We are aligned towards the ALMM List-II requirement that comes into effect from June 1, 2026, for solar cells. Some of the steps we are considering:

● Fast-tracking the certification and enlistment of our cell production under ALMM List II, so that our cells can be used in government projects and open-access tenders.
● Expanding our cell capacity to better match our module output, which reduces dependence on outside suppliers and avoids bottlenecks once the mandate begins.
● Strengthening our quality control and testing systems to make sure our cells meet the performance and reliability standards under ALMM.
● Factoring in the cost and supply chain requirements of ALMM compliance as part of our financial and sourcing plans, so that we can minimise delays and cost impacts.

Que: Last year, GREW partnered with IIT Bombay to advance innovation and excellence in photovoltaic technology, with a key focus on solar cell and module manufacturing. Can you elaborate more on the company’s initiatives in the R&D space?

Ans: At GREW Solar, innovation is embedded in everything we do. Our partnership with IIT Bombay is a strong example of this approach, as it brings together advanced academic research and practical manufacturing expertise to accelerate the future of solar in India. To strengthen our innovation pipeline, we have established a state-of-the-art R&D and Reliability Lab built to international standards. The facility can conduct more than 25 IEC-certified tests, ensuring that every module delivers consistent, long-term performance – not only under controlled laboratory conditions but also when deployed in the field.

The lab is equipped with advanced tools such as Sun Simulators for low-light performance, UV chambers, hail impact testers, and mechanical load machines. These allow us to replicate real-world challenges, including prolonged sunlight, dust, wind, and extreme temperature variations. By doing so, we validate the resilience of our modules under the toughest operating environments. Beyond testing, our in-house R&D team is constantly exploring ways to minimise degradation, improve energy output, and enhance durability. For us, research and development is not just about meeting compliance benchmarks – it is about anticipating future needs and building solutions that make solar energy more reliable, efficient, and accessible for India and global markets.

Que: The government has recently slashed GST rates on PV cells from 12 percent to 5 percent. How significant will be the impact on the module prices? Can this bring some sort of price parity between DCR and non-DCR panels?

Ans: This GST reduction on solar cells is a very welcome and timely move. It is not just about bringing down the cost of solar modules, though that is a key outcome; it is about sending a strong signal that India is serious about accelerating its clean energy transition. Lowering the GST from 12 percent to 5 percent directly helps manufacturers like us reduce the cost of production, which can ultimately reflect in more competitive pricing for end users. It eases the cost burden not just for large-scale developers, but also for smaller players and rooftop solar adapters, making clean energy more accessible across the board.

In terms of price parity, yes, this move helps bridge the gap between DCR and non-DCR modules to an extent. With lower input costs, domestic manufacturers can better compete with imported alternatives, especially in government tenders and DCR-linked projects. It is a step towards levelling the playing field. At GREW Solar, we are fully aligned with this progressive vision. Our high-quality, precision-driven manufacturing, backed by deep R&D, ensures that India’s energy journey remains not just affordable and self-reliant, but also climate-resilient. This policy will create ripple effects, more jobs, stronger supply chains, and a faster path to energy independence. It is good for industry, good for innovation, and great for the planet.

Que: GREW Solar recently launched the G12R TOPCon solar module for the global market. When is the India launch planned? How does this new module improve the performance of utility-scale solar projects?

Ans: The G12R TOPCon module marks an important milestone for GREW Solar in advancing utility-scale solar technology. Delivering up to 635 Wp, it stands among the highest power density modules available today. This translates into fewer modules needed per megawatt, simplifying installation, lowering balance-of-system costs, and enabling developers to achieve higher energy yield per acre—an essential advantage for land-constrained projects.

What truly sets the G12R apart is its use of advanced N-type TOPCon cell technology, which ensures higher efficiency, superior reliability, and consistent performance even in demanding environmental conditions. Its ability to sustain strong output throughout the day directly contributes to improved project economics and long-term returns. The G12R will be launched and showcased at the REI Expo in Greater Noida. By driving down the Levelised Cost of Energy (LCOE) while enhancing durability and system performance, this module aligns with India’s renewable energy ambitions and supports the global transition to cleaner, more sustainable power.

Que: What are the new products and innovations the company showcased at this year’s REI expo?

Ans: At this year’s REI Expo, GREW Solar highlighted its next-generation PV modules – the entire product line, developed with a strong focus on performance, reliability, and future readiness. However, the focus was on the G2G Series and the G12R High-Power Series.

The G12R Series, offering up to 635 Wp, is engineered for large-scale utility developers seeking maximum energy yield per acre. With higher power density, these modules significantly lower balance-of-system costs by reducing the number of modules required per project.

In the G2G Series, we also have the advanced M10 TOPCon technology, which delivers up to 590 Wp with superior efficiency and stable generation even under low-light conditions such as early mornings and late evenings. Designed for long-term reliability, it comes with a 30-year performance warranty and has already gained momentum in utility-scale and commercial and industrial (C&I) projects.

Both series are UFLPA-compliant and undergo rigorous evaluation across 25+ tests, including hail, mechanical load, and environmental stress testing – making them ideal for global deployment.

In addition, our ALL BLACK Series was recently unveiled at RE+ 2025 in the US market. Designed specifically for the American rooftop segment, it underlines our expanding international footprint and growing global ambition.

Que: What are the company’s future plans in the next 5 years? Any diversifications into allied categories on the card?

Ans: Over the next five years, GREW Solar plans to expand its manufacturing base and strengthen its role as a solar solutions provider. We are also working on upgrading our lines with the latest equipment, improving automation, and preparing for the next generation of high-efficiency modules. To support this, we are investing in better supply chains, backward integration, and infrastructure that will help us deliver consistent quality at scale to customers in India and abroad.

Along with growing our solar manufacturing, we are looking at opportunities in energy storage and smart energy management systems. These areas fit into our larger plan to offer complete clean energy solutions and support India’s move towards a more sustainable energy future.