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To support its solar cell manufacturing plans, Navitas has secured up to USD 20 million in growth capital from responsAbility, a Swiss impact asset manager, on behalf of its investors. In a press release, Navitas said the investment would support its expansion into solar cell manufacturing, including a planned 2.2 GW solar cell manufacturing facility in India.
The investment is expected to advance the company’s strategy to build a more integrated clean-energy manufacturing platform. It is part of responsAbility’s Asia Climate Fund, which targets scalable private-sector solutions and positive societal impact in high-growth markets.
Mumbai-based Centrum Capital’s Infrastructure Advisory arm, which has advised established players in the solar manufacturing and energy transition sectors, acted as the exclusive financial advisor to Navitas.
Navitas’ expansion aligns with these priorities, focusing on energy security, greater domestic value addition, and the development of globally competitive clean-energy supply chains in India. The company also aims to deepen its backward integration by entering wafer and ingot manufacturing in the near future.
Founded in 2013, Navitas has 2.2 GW of operational module capacity and an established presence in solar encapsulants. It also runs solar EPC and renewable power generation businesses in India and abroad, including utility-scale EPC projects in Africa. The company recently announced plans to invest approximately USD 1 billion over five years in Gujarat and Maharashtra to build an integrated platform spanning ingots, wafers, cells, modules, battery energy storage systems and renewable power generation.
Navitas has established itself as an integrated renewable energy player, with a presence across solar module manufacturing, encapsulant manufacturing, engineering, procurement and construction (EPC) services, battery energy storage systems (BESS), and renewable power generation. Its planned entry into solar cell manufacturing marks a step towards greater backward integration, enabling the company to expand its presence across the solar value chain and strengthen its long-term competitiveness.
Commenting on the investment, Vineet Mittal, Director, Navitas, 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.”
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, 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.”
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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