GREW Solar said it has raised Rs 10,500 million (mn) from Bay Capital Investment and two other institutional investors to expand its solar cell manufacturing capacity. The funding will increase capacity from the planned three gigawatt (GW) to eight GW, and the chief executive officer indicated that the capital would accelerate expansion, improve operational efficiency and strengthen technology and scale. The move follows earlier investment rounds and forms part of a wider growth strategy.

The company noted that this infusion follows an earlier Rs 3,000 mn funding round that included marquee investors such as Vijay Kedia and Rohit Kothari of GeeCee Holdings. GREW Solar operates a six and a half GW solar module manufacturing facility in Rajasthan and is expanding manufacturing capacity at its Rajasthan and Madhya Pradesh sites to support integrated, end-to-end solar production. The firm also plans to establish additional upstream cell manufacturing to secure the supply chain.

Founded in 2022 and backed by the Chiripal Group, GREW Solar has an operational capacity of three GW and intends to set up a three GW cell plant at Narmadapuram in Madhya Pradesh, with a plan to expand that site to eight GW by the end of the year. The company is also expanding the Rajasthan plant towards an intended 11 GW capacity to meet anticipated demand for modules and cells.

GREW Solar reported that it had secured an allocation of two GW under the production linked incentive scheme for wafer, cell and module manufacturing, which is expected to support its integrated manufacturing ambitions. Management described the capital raise as timely for scaling operations and meeting domestic and export demand as the renewable energy sector continues to grow amid policy support.