India has long pledged to reduce emissions intensity by 45 percent by 2030 (from the 2005 level). The plan also includes achieving about 50 percent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. The contributions from startups and established energy companies in India are crucial to achieving this ambitious landmark. This is precisely why significant contributions from companies like GREW Energy are essential. Within shut-eye time, GREW, a flagship venture of the Chiripal Group, has become one of the fastest-growing energy companies in the country. Today, the company is busy setting up a 3.2 GW capacity manufacturing facility in Jammu & Kashmir with an investment of Rs 4,500 crore. Walking us through the amazing growth journey of GREW is the man at the helm of the company, Vinay Thadani, Director & CEO – Grew Energy Pvt. Ltd. Backed by his over two decades of rich experience at leadership positions, Vinay guided Grew to receiving Rs. 566.71 crore under the PLI Scheme (Tranche II). He recently signed an MoU worth Rs. 3800 crore with the Government of Gujarat at XII Vibrant Gujarat Summit 2024. Below is an excerpt from CEO Insights’ exclusive interview with Vinay.

How do you perceive the changes happening in the renewable energy market? What are the factors influencing this trend?

The renewable energy market is undergoing a dynamic transformation driven by multiple factors. The global push towards sustainability, increasing awareness of climate change, and the urgent need to reduce carbon emissions are significant drivers. Technological advancements are making renewable energy solutions more efficient and cost-effective. Additionally, supportive government policies and incentives are playing a crucial role in accelerating the adoption of renewable energy. The market is also being influenced by growing investor interest in sustainable projects and the increasing viability of renewable energy as a reliable and affordable energy source.

Grew Energy has pledged to make significant investments in Rajasthan and J & K. What opportunities do you foresee through this investment, and what is the role of the government?

Our investments in Rajasthan and Jammu & Kashmir present vast opportunities for both the regions and the renewable energy sector. In Rajasthan, we are leveraging the high solar irradiance to develop world-class solar manufacturing facilities. In Jammu & Kashmir, our 3.2 GW manufacturing plant will not only contribute to the region's economic development but also position it as a significant player in India's renewable energy landscape. The government's role is pivotal; their support through policy frameworks, infrastructure development, and incentives is essential to create a conducive environment for these projects. The government’s proactive stance on renewable energy reinforces our commitment and boosts investor confidence.

What do you think of the Union government's approaches and policy interventions? What would be your demands from a policy perspective?

The union government has taken commendable steps towards promoting renewable energy, including the approval of mega solar parks and incentives for solar manufacturers. Their policies have fostered a positive environment for growth and innovation in the sector. However, from a policy perspective, we would advocate for continued and enhanced support for renewable energy projects, including streamlined approval processes, additional financial incentives, and robust grid infrastructure. Furthermore, policies that encourage research and development in advanced technologies and energy storage solutions will be crucial for sustaining long-term growth.

I believe in leading by example and fostering a culture of continuous improvement and learning within the organization.

Tell us about the latest projects and company operations. What kind of technology intervention is happening currently?

Grew Energy is at the forefront of innovation and has several cutting-edge projects. Our current operations include a 1.2 GW solar panel manufacturing facility in Jaipur, with plans to expand to 2.8 GW by the end of this calendar year (2024). In Jammu & Kashmir, our upcoming 3.2 GW manufacturing plant will incorporate the latest technologies in high-efficiency ingot, wafer, and cell production. We are also investing in floating solar plants and advanced solar asset management solutions. Technological interventions include the use of AI and IoT for monitoring and optimizing solar installations, ensuring maximum efficiency and longevity of our solar assets.

How would you define your leadership approach? What are the methodologies/thoughts you are guided by?

My leadership approach is focused on innovation, sustainability, and inclusivity. I believe in leading by example and fostering a culture of continuous improvement and learning within the organization. Empowering our teams, encouraging open communication, and setting clear, achievable goals are key methodologies that guide me. I am driven by the vision of a sustainable future and am committed to making strategic decisions that align with our long-term objectives. Collaboration, adaptability, and a customer-centric focus are essential components of my leadership philosophy.

What is the future roadmap of Grew?

The future roadmap of Grew Energy is ambitious and aligned with our mission to lead the renewable energy transition in India. We aim to expand our manufacturing capabilities with significant investments in state-of-the-art facilities in Jaipur and Jammu & Kashmir. Our focus will remain on enhancing our technological prowess and developing innovative solutions across ground-mounted, rooftop, and floating solar projects. We also plan to strengthen our solar asset management services to ensure optimal performance and longevity of our installations. Our ultimate goal is to contribute significantly to India’s renewable energy 2030 targets and to be a catalyst for sustainable development.

In light of your robust experience in the energy industry, what would be your advice to young entrepreneurs in the energy industry?

For young entrepreneurs entering the energy industry, my advice is to stay committed to innovation and sustainability. The energy sector is evolving rapidly, and embracing new technologies and sustainable practices is key to staying relevant and competitive. Focus on building strong networks and partnerships, as collaboration can drive growth and open new opportunities. Understand the regulatory landscape and be proactive in engaging with policymakers to shape favorable conditions for your ventures. Lastly, be resilient and adaptable; the energy industry is complex and challenging, but with perseverance and a forward-thinking mindset, you can achieve significant impact and success.