Grew Energy may set up manufacturing facilities for glass and EVA sheets for solar panels – EQ
In Short : Grew Energy is considering the establishment of manufacturing facilities dedicated to producing glass and EVA (ethylene-vinyl acetate) sheets for solar panels. This initiative signals the company’s intent to contribute to the solar energy supply chain by potentially becoming involved in the production of essential components for solar panels.
In Detail : Grew Energy, the renewable energy vertical of the Chiripal Group, plans to infuse Rs 6,000 crore to establish a six GW solar module manufacturing capacity in the country.
For this total capacity of six GW, the investment would go to around Rs 6,000 crore, of which 60 to 65 percent will be through debt, and the rest will be infused through promoters. Grew Energy seeks to build a 2.8 GW module manufacturing facility, which will produce solar cells, ingots, and wafers at Dudu, near Jaipur in Rajasthan.
In addition, the company recently announced another 3.2 GW of module manufacturing, which makes six GW of total module manufacturing to come up by March 2025. The 2.8 GW capacity includes 1.2 GW of operational modules manufacturing capacity, while the remaining 1.6 GW capacity is going in the module front. For 3.2 GW module and 2.8 GW cell capacity, the company will begin work in December this year at Dholera, Gujarat.
In March this year, Grew Energy had plans to invest Rs 5,400 crore to set up four GW of solar module manufacturing capacity with backward integration.
Apart from looking for an equity partner, which will be coming in the next few quarters, Grew Energy also seeks to raise around USD 100 million through equity partners. The company is in talks with a few leading private investors in the country.
