The investment is being made on behalf of responsAbility’s investors and is part of its Asia Climate Fund
Navitas has secured growth capital of up to $20 million from Swiss impact asset manager responsAbility to support its expansion into solar cell manufacturing, including a planned 2.2 GW facility in India.
The investment is being made on behalf of responsAbility’s investors and is part of its Asia Climate Fund. The capital will support Navitas’ backward integration strategy as it expands its presence across the domestic solar manufacturing value chain.
Navitas currently operates across solar module and encapsulant manufacturing, engineering, procurement and construction (EPC), battery energy storage systems (BESS) and renewable power generation. The company also plans to expand into wafer and ingot manufacturing.
Its entry into solar cell manufacturing comes as India seeks to increase domestic production across the solar supply chain and reduce dependence on imported components. Mumbai-based Centrum Capital’s Infrastructure Advisory arm acted as the exclusive financial adviser to Navitas for the transaction.
Vineet Mittal, Director, Navitas, said, “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.”
Solar Manufacturing Expansion
Navitas manufactures Mono PERC and N-Type TOPCon solar modules ranging from 40 Wp to 720 Wp. The Surat-headquartered company was founded in 2013 and also operates across solar encapsulants, EPC, BESS and independent power production.
The proposed 2.2 GW solar cell facility will deepen the company's backward integration, while its plans to enter wafer and ingot manufacturing could extend its presence further upstream in the solar supply chain.
Kartik Jain, Head – Finance, Navitas Solar, said, “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.”
responsAbility Expands India Clean-Energy Exposure
responsAbility is a Swiss impact asset manager focused on private-market investments in emerging markets. Its existing India portfolio includes Ampin Energy Transition, August Energy and Euler Motors.
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.”
Vijay Menon, COO, Navitas Solar, said the company intends to focus on governance, environmental practices and responsible employment as it expands its manufacturing operations.
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