The next 3 years are crucial for manufacturing in the renewable

Tranche-II of the PLI scheme is expected to bring in investments of ₹ 93041 Crore and generate over 1 lakh direct and indirect jobs.

Chiripal Group’s Grew Energy, one of 11 companies to be selected for PLI allocation, will accelerate Grew’s growth and contribution.

The success of renewable energy manufacturing in the next three years is critical. Grew Energy, a subsidiary of Chiripal Group, has been selected as one of 11 companies to receive a PLI allocation, which will accelerate its growth and contribution to the sector. Under Tranche-II of the Production- Linked Incentive Scheme for High Efficiency Solar PV Modules, Grew Energy has been granted a domestic solar PV module manufacturing capacity of 39,600 MW, with a total outlay of ₹ 13,937.575 Crore.

The PLI scheme is a crucial component of the “Make in India” campaign, aimed at reducing dependence on exports and transforming India into a global manufacturing hub by providing financial incentives to companies for the domestic manufacturing of high-efficiency PV modules, as well as boosting their exports.

The selection of beneficiaries for the PLI Scheme is done through a transparent selection process. Its parameters include the extent of integration, manufacturing capacity, trajectories of module performance and local value addition (LVA), highest efficiency committed, bid capacity, production plans, proposed investment, etc. Disbursement of PLI will be made on an annual basis on sales of high-efficiency solar PV modules for five years from commissioning or five years from the scheduled commissioning date, whichever is earlier.

From a total of 11 companies selected, Grew Energy Pvt. Ltd. is the only successful bidder from Gujarat under the W+C+M category of the PLI Scheme, Tranche II. Under Basket II, Grew will receive an allocation of ₹ 566.71 crore and a manufacturing capacity of 2000 MW.

Vinay Thadani, Director, Grew Energy Pvt. Ltd., said, “Manufacturing capacity totaling 7400 MW is expected to become operational by October 2024, 16,800 MW capacity by April 2025, and the balance 15,400 MW capacity by April 2026. So, the next three years will be crucial for the Indian manufacturing sector as far as renewables are concerned.

We positively intend to become the largest domestic and outbound contributors to India through our products and services. Our selection and allocation of funds and manufacturing capacity under Tranche II of the PLI scheme will accelerate our plans, and we will be able to achieve our targets sooner. We will utilise these funds in the renewable energy field to support and achieve India’s goal of renewable energy conservation, growth, and its effective yield by supplying and manufacturing quality-enriched and finest solar components and being a competitive global player. Also, it is a matter of immense pride for us that we are the only company from Gujarat to be selected.”

Tranche-II of the PLI scheme is expected to bring in investments of ₹ 93041 crore and generate over 1 lakh direct and indirect jobs.