GREW Solar , a leading Indian solar PV module manufacturer, has raised ₹1,050 crore (~$118 million) in a fresh funding round to scale up its solar manufacturing capacity and strengthen operations. The funding round was led by Bay Capital Investment Ltd , with participation from other institutional investors, marking a significant vote of confidence in India’s domestic solar manufacturing ecosystem.
Strategic Expansion: From 3 GW to 8 GW
GREW Solar plans to use the new capital primarily to expand its solar cell manufacturing capacity from 3 GW to 8 GW by the end of 2026. The expansion will take place across the company’s existing Dudu, Rajasthan facility and a new plant in Madhya Pradesh (Narmadapuram).
“This funding will accelerate our expansion plans, enhance operational efficiency, and strengthen our position in India’s solar manufacturing sector,” said Vinay Thadani, CEO & Director, GREW Solar.
The Rajasthan facility, currently operational, will be scaled up to 11 GW capacity, including an in-house R&D laboratory to support product innovation. The Madhya Pradesh facility, initially planned as a 3 GW cell plant, will also expand to 8 GW to meet growing domestic and international demand.
Operational Strengthening and Backward Integration
Beyond capacity expansion, a portion of the funds will support ongoing operations and technological upgrades. GREW Solar is transitioning into a fully integrated solar manufacturer, producing both cells and modules in-house, reducing dependence on imports, and optimizing its supply chain.
This move is aligned with India’s broader renewable energy ambitions, including the government’s push for Make in India solar manufacturing and the PLI (Production Linked Incentive) schemes for domestic module and cell production.
Founded in 2022, GREW Solar commissioned its first 1.2 GW solar module manufacturing line shortly after inception. By 2025, it ramped up capacity to 3 GW and began producing high-efficiency M10 TOPCon modules, delivering up to 590 Wp per module.
The company has also secured significant supply contracts, including a 1,464 MW (1.46 GW) high-efficiency module supply deal with NTPC Renewable Energy, reinforcing its market credibility.
Strengthening India’s Solar Supply Chain
The funding highlights growing investor confidence in India’s domestic solar manufacturing sector. By expanding its cell and module manufacturing capacity, GREW Solar contributes to India’s energy security, job creation, and the transition toward non-fossil fuel energy targets, including the 500 GW renewable energy goal by 2030.
Key Highlights :-
● Total Funding ₹1,050 crore (~$118 million)
● Lead Investor Bay Capital Investment Ltd
● Capacity Expansion 3 GW → 8 GW solar cell manufacturing by 2026
● Rajasthan Facility Scaling to 11 GW with R&D lab
● Madhya Pradesh Facility 3 GW → 8 GW plant
● Strategic Goal Fully integrated solar manufacturing and operational growth
With this funding, GREW Solar is poised to cement its position among India’s top solar manufacturers, aligning with the nation’s push for domestic renewable energy production. The company’s expansion strategy demonstrates the growing maturity of India’s solar manufacturing ecosystem, and its ability to meet both domestic and international demand for high-efficiency solar modules.
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