Grew Solar Plans To Enter Foreign Markets, Eyes Exports By CY25

Can you give an overview of the journey of Grew since its inception?

GREW Solar has been strengthening its presence in India since its inception in 2022. The first production unit was set up at Dudu, close to Jaipur, Rajasthan, which has been successfully operating for almost 2 years now. Recently, the company has a fully operational Unit 2 of the manufacturing unit at the same location, and Unit 3 is presently in process. The company now operates a 3.0 GW PV module manufacturing facility in Jaipur with ambitions to construct a 5 GW facility at Unit 3 soon. GREW Solar is also growing in Madhya Pradesh, where it intends to construct a 3.0 GW solar cell manufacturing plant in Narmadapuram (Bhopal), which should be operational by 2026. 

GREW Solar aims to keep the present capital in a 2:1 debt ratio, where about Rs 950 crore will be bought in as equity, and the remaining amount will be funded by leading banks in the country. The 3.0 GW solar cell manufacturing facility in Madhya Pradesh will be funded by an investment of ₹3,000 crore made by GREW Solar. 

GREW Solar is focusing on scalability and advanced technologies like TOPCon to position itself for future expansion in significant regions outside of Rajasthan and Madhya Pradesh. The company is indicating its intention to increase its market presence globally by actively seeking chances for global business expansion.

Are you focused on solar or open to opportunities in areas like wind, and storage, Pumped Storage, (Green) Hydrogen, etc as well?

Our vision is to contribute to a carbon-free India, aligning with the government’s initiatives like PM KUSUM and other programs promoting renewable energy adoption. We believe solar energy is key to achieving this goal, and we’re currently focusing on expanding solar panel installations across the country. Solar’s adaptability, particularly for rooftop installations on homes and businesses, makes it ideal for India’s diverse environments. The quiet operation of solar panels, combined with their ability to be placed wherever sunlight is available, further strengthens their appeal.

While our immediate focus is on solar, we recognize the importance of a diverse renewable energy portfolio. We are open to exploring opportunities in integrated verticals like solar glass in the future. We understand these technologies play a vital role in a comprehensive clean energy transition, and we will assess their potential as the market evolves and opportunities arise. For now, our expertise and resources are dedicated to maximizing the impact of solar energy in making India carbon-free and helping the nation achieve its net-zero targets.

Can you tell us about your journey in the past three years, in terms of the order book and actual capacity additions?

GREW Solar has advanced significantly in the last three years in terms of both order book growth and capacity expansions. The company has ambitions to increase its present solar capacity to 8 GW, which is already in the pipeline. With a total capital expenditure of Rs 2,800 crore, GREW Solar is also aiming to establish 3.0 GW of solar cell production capacity within the next 12 to 14 months.

To further strengthen its market positioning, GREW Solar has also taken the first step towards becoming a fully backward integrated company by going into the ingot and wafer production. In addition to increasing its capacity and revenue, the company is also getting ready to explore foreign markets such as USA. By the end of CY25, the company’s goal is to start exporting solar modules to these markets, which would be a major step toward its aspirations for international growth.

In terms of finances, the business has already made Rs 850 crore in FY25, and it intends to end the year with more than Rs 1,400 crore. GREW Solar has set a lofty revenue goal of Rs 3,400 crore for FY26 in the future. Strong demand and a strong pipeline of projects are demonstrated by the company’s current order book of Rs 2,700 crore, which represents around 70% of their planned revenue for the upcoming fiscal year.

Between utility-scale and C&I segments, which market segment presents the highest growth potential for your company?

For GREW Solar, the C&I segment presents the highest growth potential. This market offers a compelling combination of scale and the advantages of distributed generation. Driven by both economic benefits and sustainability goals, businesses are increasingly adopting solar, creating substantial demand. C&I projects, particularly rooftop installations on commercial and industrial buildings, utilize existing infrastructure, minimizing land use concerns often associated with utility-scale projects.

Furthermore, the C&I segment fosters direct engagement with end-users, strengthening relationships and potentially generating recurring business. While recognizing the importance of utility-scale projects for grid decarbonization, the distributed nature and burgeoning business demand position the C&I segment for significant near- to medium-term growth, aligning with current market trends and offering GREW Solar a substantial opportunity for expansion and contribution to India’s renewable energy targets.

With the trends towards more FDRE and RTC projects, how have you adapted your firm to the new demands in the market?  Are you considering adding expertise in energy storage projects? 

GREW Solar recognizes the growing importance of FDRE and RTC power solutions in India. While our core expertise remains in delivering high-quality solar EPC projects, we understand energy storage’s crucial role in achieving these goals. We’re actively evaluating the energy storage market, ensuring our solar projects are “storage-ready” through optimized designs and monitoring technology advancements. While not directly offering storage solutions yet, we are open to strategic partnerships to provide comprehensive FDRE and RTC offerings, and we’re engaging with clients to understand their long-term energy needs and prepare them for future storage integration. GREW Solar is committed to India’s sustainable energy transition, recognizing energy storage as a key component.

What is the situation in the market with respect to skills availability and manpower? Is the work moving towards more automation? What are the skills in demand as you see them? As a thumb rule, can you give us a sense of the jobs created per MW? 

Renewable energy is a relatively new sector in the Indian industry, and it is continuously evolving. Companies are developing exciting talent and resources while also assessing the skills needed for future success. In today’s world, workforce skill development is an ongoing process as we adapt to new technologies in manufacturing. Retaining our current workforce, training them, and nurturing the next generation of leaders in renewable energy is integral to our company culture.

Currently, a small solar power plant creates nearly 24 jobs per megawatt (MW). The Indian government is actively promoting the adoption of solar energy in our daily lives, engaging both residents and industries, as well as large solar power plants. This initiative is expected to generate employment opportunities totaling around 750,000 jobs. A single sector like renewable energy can have a positive ripple effect on the economy, fostering growth in an environmentally friendly manner while also boosting the national economy.