On Friday, February 13, 2026, GREW Solar the renewable energy venture of the Chiripal Group announced a successful funding round of ₹1,050 crore ($125 million). Led by Bay Capital Investment Limited and two other institutional investors this capital infusion is a massive endorsement of the company’s rapid ascent in the Indian solar manufacturing sector.
This follows an earlier ₹300 crore raise in September 2025, which saw participation from marquee investors like Vijay Kedia and Rohit Kothari (GeeCee Holdings).
Strategic Expansion: The Narmadapuram Cell Push
The primary objective of this capital is to fast-track GREW Solar’s vertical integration, moving from module assembly to high-tech cell manufacturing.
- Narmadapuram Facility (Madhya Pradesh): The capital will scale the planned solar cell manufacturing capacity from 3 GW to 8 GW by the end of 2026.
- Dudu Facility (Rajasthan): In parallel, the company is scaling its module manufacturing capacity from 3 GW to a massive 11 GW, making it one of India’s largest integrated solar sites.
- Technology Bet: GREW is focusing on n-type TOPCon (Tunnel Oxide Passivated Contact) technology, with its G12R High-Power Series already delivering up to 635 Wp with 23.14% efficiency.
GREW Solar Manufacturing Roadmap (2022–2026)
The company has transitioned from a startup to a multi-gigawatt player in under four years.
| Milestone | Location | Capacity | Status / Timeline |
| Operations Launch | Dudu, Rajasthan | 1.2 GW (Modules) | Commenced 2022 |
| Current Capacity | Dudu, Rajasthan | 3.0 GW (Modules) | Operational (ALMM Approved) |
| Cell Phase 1 | Narmadapuram, MP | 3.0 GW (Cells) | Under Commissioning |
| Integrated Target | Rajasthan & MP | 11 GW Modules / 8 GW Cells | Target: End of 2026 |
Industry Context & Market Wins
The funding comes at a time when GREW Solar is demonstrating strong commercial traction.
- Major Order: On February 6, 2026, the company secured a repeat order for 550 MW of solar modules from a leading Independent Power Producer (IPP).
- Policy Alignment: The company is one of the few beneficiaries of the government’s Production Linked Incentive (PLI) scheme for 2.0 GW of integrated capacity (Wafers/Cells/Modules).
- ALMM Approval: In early February 2026, the Ministry of New and Renewable Energy (MNRE) granted ALMM approval for 3 GW of GREW’s module capacity, allowing their use in government-funded projects.
“This investment strongly endorses our manufacturing capabilities and growth vision. We are well-positioned to accelerate our expansion and strengthen India’s position as a reliable global source of high-quality solar modules.” — Vinay Thadani, CEO & Director, GREW Solar.