Surat-Based Navitas Solar Plans ₹1,000 Crore Investment in 2.2 GW Solar Cell Plant

Surat: Swiss impact investment firm responsAbility has committed up to $20 million (about ₹190 crore) in growth capital to Surat-based Navitas Solar to support its entry into solar cell manufacturing, including a proposed 2.2 GW plant involving an investment of ₹1,000 crore.

The investment, made through responsAbility’s Asia Climate Fund, is structured as quasi-equity combining debt and equity and will be used for capital expenditure on the plant.

Navitas Solar Director (Finance and Strategy) Vineet Mittal told a newspaper on Thursday that ₹125 crore had been disbursed in the first tranche, with the remaining amount expected over the next three to four months.

Founded in 2013, Navitas Solar plans to strengthen backward integration and expand across India’s solar manufacturing value chain. The company is also exploring wafer and ingot manufacturing. DeshGujarat