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Grew Energy has signed a memorandum of understanding worth INR 3,800 crore for setting up a 2.8 GW solar cell and wafer factory in Gujarat. Under the MoU, the state government of Gujarat will facilitate permissions and clearances for Grew’s manufacturing unit. 

Grew Energy has signed a Memorandum of Understanding worth INR 3,800 crore ($457.37 million) with the Government of Gujarat under the tenth edition of the Vibrant Gujarat Global Summit. Under the MoU, the company will set up a 2.8 GW solar cell and wafer manufacturing unit at Dholera, Gujarat. The Gujarat government will help in facilitating the necessary clearances and expedite the establishment process of the unit.  

The project is estimated to generate employment for over 1600 people.  

The INR 3,800 crore investment is the biggest so far in the history of Grew and the company will raise the funds through a mix of internal accruals and external funding. 

Vinay Thadani, director and CEO of Grew Energy, said, “We now have a head-start to establish our 2.8 GW solar cell and wafer manufacturing unit in Gujarat. We plan to commence the establishment process of our Dholera unit in 2025 and envision this to be a cornerstone for the company’s growth and future expansion plans.”