Navitas has secured up to USD 20 million in growth capital from responsAbility, a Swiss impact asset manager investing on behalf of its investors, to fund its move into solar cell manufacturing. The company said in a press release that the money will go towards its expansion into cells, including a planned 2.2 GW facility in India. Navitas also plans to enter wafer and ingot manufacturing in the near future, which would deepen its backward integration.
The investment comes from responsAbility’s Asia Climate Fund, which targets scalable private-sector solutions and positive societal impact in high-growth markets. Navitas said its expansion fits the priorities of energy security, greater domestic value addition and globally competitive clean-energy supply chains in India. Centrum Capital’s Infrastructure Advisory arm, based in Mumbai, acted as exclusive financial advisor to Navitas. The unit has advised established players in solar manufacturing and the energy transition.
Integrated platform
Founded in 2013, Navitas already has 2.2 GW of operational module capacity and an established presence in solar encapsulants. It also runs solar engineering, procurement and construction (EPC) and renewable power generation businesses in India and abroad, including utility-scale EPC projects in Africa, along with battery energy storage systems (BESS). 
The company recently announced plans to invest about USD 1 billion over five years in Gujarat and Maharashtra to build a platform spanning ingots, wafers, cells, modules, BESS and renewable power generation. Entering cells would let it expand across the solar value chain and strengthen its long-term competitiveness.
Management view
Vineet Mittal, Director, Navitas, framed the deal as both a funding event and a strategic fit. He said: “We are pleased to welcome responsAbility as an institutional partner in the next phase of Navitas’s journey. Their investment is important not only as growth capital, but also because of the strong alignment between our long-term objectives. Our backward integration into solar cells will strengthen domestic supply chains and can create greater value addition within India. Our work in high-efficiency TOPCon technology and our partnership with Caelux on Perovskite-TOPCon Hybrid Tandem modules reflect our ambition to build advanced technologies that can compete globally. We see this partnership with responsAbility as an important step towards realizing that ambition responsibly and sustainably.”
On the sustainability side of that growth, Vijay Menon, COO, Navitas Solar, said: “As Navitas scales, we want to build an organisation that is not measured only by capacity, revenue or profitability, but also by how responsibly and sustainably that growth is achieved. Strong governance, environmental stewardship, responsible employment practices and a positive contribution to the communities and ecosystem around us will remain integral to building Navitas as a long-term institution. Securing funding from responsAbility is a validation of the hard work done so far and demonstrates our commitment to continued excellence and improvement.”
Kartik Jain, Head – Finance, Navitas Solar, spoke to the financial implications. He said: “Securing funding from ResponsAbility is an important milestone for Navitas as we continue to strengthen our financial foundation and accelerate our growth journey. This partnership reflects the confidence of a leading climate-focused investor in our business fundamentals, our execution capabilities, financial strategy, and the long-term growth potential of India’s solar manufacturing ecosystem. This funding will enhance our financial flexibility and support our efforts to scale operations, strengthen our capabilities and contribute to India’s clean energy transition.”
Investor view
Jay Bathija, Principal, Climate Infrastructure Investments at responsAbility, said: “Navitas has established a strong track record in solar module manufacturing. Its expansion into cell manufacturing is a natural next step that will deepen integration across the solar value chain and can strengthen its long-term competitiveness. We are pleased to partner with Navitas as it aims to contribute to India’s clean energy and domestic manufacturing ambition.”
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