Grew Energy has signed an agreement worth $457.37 million with the government of Gujarat under the 10th edition of the Vibrant Gujarat Global Summit.

The company will set up a 2.8 GW solar cell and wafer manufacturing unit at Dholera, Gujarat. The Gujarat government will help to facilitate the necessary clearances and expedite the establishment process of the unit.  The project is estimated to create jobs for more than 1,600 people.

The investment is the biggest in the history of Grew Energy. The company will raise the funds through a mix of internal accruals and external funding.

“We now have a head-start to establish our 2.8 GW solar cell and wafer manufacturing unit in Gujarat,” said Vinay Thadani, director and CEO of Grew Energy. “We plan to commence the establishment process of our Dholera unit in 2025 and envision this to be a cornerstone for the company’s growth and future expansion plans.”