Grew Energy (a renewable energy vertical of Chiripal Group) announced an investment of 6,000 INR-Crore in a 6 GW solar module manufacturing capacity. The projects are anticipated to be completed by March 2025.
The company aims to set up a 2.8 GW module manufacturing facility in Dudu, near Jaipur, consisting of solar cells, ingots, and wafers. The facility will include 1.2 GW of operational modules, and the remaining 1.6 GW of capex will be on the module front.
Grew Energy will also be developing a 3.2 GW module manufacturing facility in Dholera, Gujarat. The project is anticipated to start by December 2023.
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The company plans to draw 60-65% capital for both these projects through debt while the remaining amount will be infused by promoters.
Vinay Thandani, the Director of Grew Energy, mentioned that the company will also be looking for an equity partner in the upcoming quarters. It plans to raise USD 100 million through equity partners.
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