GREW Solar, the renewable energy arm of Chiripal Group, has secured ₹300 crore ($36 million) in strategic funding from a consortium led by legendary investor Vijay Kedia and Rohit Kothari of GeeCee Holdings, marking significant confidence in India's solar manufacturing sector.

Marquee Investor Backing

The participation of Vijay Kedia, known for his stock market expertise and long-term value investing approach, signals strong fundamentals in GREW Solar's business model. "I invest in companies that are built on integrity, vision, and execution strength. GREW Solar embodies these values and is well-positioned to ride India's renewable energy wave," said Kedia.

The funding validates investor confidence in India's solar manufacturing potential and supports the country's ambitious renewable energy targets under government policy frameworks.

Rapid Manufacturing Scale-Up

Founded in 2022, GREW Solar has achieved remarkable growth milestones. In its first year, the company launched M10 modules of up to 550 Wp and commissioned 1.2 GW of PV module manufacturing at its Dudu, Rajasthan facility.

By 2025, GREW Solar scaled operational capacity to 3.0 GW, producing high-efficiency M10 TOPCon modules of up to 590 Wp. The company is currently expanding its Dudu facility to 11.0 GW capacity with state-of-the-art R&D laboratory support.

Strategic Expansion Plans

The fresh capital will fund new product development, technological infrastructure strengthening, and capacity expansion across manufacturing facilities. GREW Solar plans to initially establish a 3.0 GW solar PV cell plant at Narmadapuram, Madhya Pradesh, followed by expansion to 8.0 GW by end-2026.

This backward integration strategy will enable complete solar value chain control, from ingots and wafers to cells and modules, improving margins and supply chain security.

Government Policy Alignment

GREW Solar's expansion aligns with India's renewable energy manufacturing push under Production Linked Incentive (PLI) schemes and the National Solar Mission. The company's growth supports India's target of 500 GW renewable energy capacity by 2030.

In February 2025, GREW Solar announced ₹30 billion investment for a backward-integrated facility in Madhya Pradesh, demonstrating long-term commitment to domestic manufacturing capabilities.

Market Leadership and Innovation

The company emphasizes automation and stringent quality checks, positioning itself as a premium manufacturer in India's competitive solar sector. GREW Solar's focus on TOPCon technology provides efficiency advantages over conventional solar modules.

"These investments validate our strategy and motivate us to build a robust solar ecosystem that powers India's green ambitions," said Vinay Thadani, Director & CEO of GREW Solar.

Industry Context and Competitive Position

India's solar module manufacturing sector is experiencing unprecedented growth, driven by government incentives, reduced import dependence goals, and global supply chain diversification trends. GREW Solar competes with established players while building modern, automated facilities.

The company has already won government tenders, including 200 MW capacity in Solar Energy Corporation of India's auction at ₹22.66/Wp, demonstrating competitive pricing capabilities.

Strategic Partnerships and Market Access

GREW Solar has established partnerships with major developers, including collaboration with ACME Solar Holdings for projects in Rajasthan utilizing TOPCon modules from its manufacturing facility.

The Chiripal Group's industrial experience and GREW Solar's focus on high-efficiency modules creates synergies for scaling operations and accessing diverse market segments.

Investment Implications for Clean Energy

This funding round reflects broader institutional confidence in India's clean energy sector, with both domestic and international investors recognizing long-term growth potential in solar manufacturing and project development.

The success could encourage more manufacturing-focused investments in renewable energy, supporting India's goal of becoming a global clean energy manufacturing hub while reducing import dependence on Chinese suppliers.

Internal Links:

·       India Solar Manufacturing Policy Framework

·       Renewable Energy Investment Trends 2025

·       Vijay Kedia Investment Philosophy and Portfolio

External Links:

·       GREW Solar Official Website

·       Solar Energy Corporation of India

·       Chiripal Group