Solar module manufacturer GREW Solar has raised ₹10.5 billion (~$118.4 million) in a new funding round led by Bay Capital Investment to expand manufacturing capacity at its Dudu facility in Rajasthan and its upcoming plant in Madhya Pradesh.

The Dudu facility is being expanded to 11 GW. It also includes an in-house research and development laboratory.

The latest fundraise follows an earlier funding round of ₹3 billion (~$33.8 million) led by GeeCee Holdings.

The company said the fresh capital will be used to strengthen ongoing operations, support strategic expansion initiatives, and accelerate its transition into a fully integrated solar manufacturer.

A significant portion of the funds will be deployed to expand its solar cell manufacturing facility, increasing total cell manufacturing capacity from the planned 3 GW to 8 GW by the end of 2026.

GREW Solar commissioned 1.2 GW of solar module manufacturing capacity at Dudu in its first year of operations, following its 2022 inception.

It launched M10 modules of up to 550 Wp during the same period. By 2025, the company scaled its operational capacity to 3 GW and began delivering high-efficiency M10 TOPCon modules of up to 590 Wp.

GREW Solar also plans to establish an initial 3 GW solar cell manufacturing facility in Narmadapuram, Madhya Pradesh. This facility will subsequently be expanded to 8 GW by the end of 2026, enabling backward integration into solar cell production.

In December 2025, GREW Solar secured a contract valued at over ₹20.28 billion (~$225.82 million) from NTPC Renewable Energy to supply high-efficiency solar modules with an approximate capacity of 1,464.5 MW for power projects across Uttar Pradesh.

Total global corporate solar funding dropped by 16% year-over-year, with $22.2 billion raised in 175 deals, according to Mercom Capital Group’s newly released 2025 Annual and Q4 Solar Funding and M&A Report. Global venture capital and private equity funding in the solar sector totaled $3.5 billion across 75 deals in 2025, 22% lower than the $4.5 billion raised in 60 deals in the previous year.