Grew Solar Powers Ahead with Rs 1,050 Crore Boost

Grew Solar raised Rs 1,050 crore to bolster growth and expansion. Led by Bay Capital Investment Ltd, the funds will enhance solar cell manufacturing capacity and ongoing operations. The company secured a 550 MW solar module order, aiming to expand total manufacturing capacity from 3 GW to 8 GW.

Grew Solar has successfully raised Rs 1,050 crore in its latest funding round to assist with its growth and expansion plans. The round was spearheaded by Bay Capital Investment Ltd and saw participation from two additional institutional investors, according to a company statement.

The freshly acquired funds will be allocated to strengthening ongoing operations and bolstering strategic expansion initiatives. A substantial portion of the investment is earmarked for scaling up the firm's solar cell manufacturing facility, boosting total manufacturing capacity from an intended 3 GW to a formidable 8 GW.

Furthermore, Grew Solar has secured a significant 550 MW solar module supply contract from a prominent independent power producer, underscoring the firm's robust market position and commitment to renewable energy expansion.

(With inputs from agencies.)