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The investment will strengthen Navitas’ finances, support manufacturing expansion
October 22, 2026
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Surat-based solar module manufacturer Navitas Solar has secured growth capital of up to $20 million from Switzerland-based impact asset manager responsAbility and plans to use the funds for setting up a 2.2 GW solar cell manufacturing facility in India.
Navitas said the funding will support its backward integration strategy to expand its presence across the solar manufacturing value chain and strengthen domestic manufacturing capabilities.
The company operates across solar module and encapsulant manufacturing, engineering, procurement, and construction services, battery energy storage, and renewable power generation.
It also plans to expand into wafer and ingot manufacturing as part of its strategy to enhance backward integration.
Navitas has partnered with California-based perovskite technology company Caelux Corporation to develop and manufacture 5 GW of hybrid tandem solar modules in India.
The company manufactures mono-passivated emitter and rear contact and N-type TOPCon solar modules with capacities ranging from 40 Wp to 720 Wp. The company serves customers across India and is pursuing opportunities in international markets.
In June, Navitas Solar said it would invest ₹15 billion (~$170 million) to establish a 3.6 GW solar cell manufacturing facility and a pilot wafer-ingot production line in Gujarat. The project will be developed in phases, with Phase I targeted for commissioning in 2027, subject to market conditions and project readiness.
India’s operational solar cell manufacturing capacity has approached 50 GW, according to Mercom India’s PV Manufacturing Tracker. However, this nearly 50 GW capacity includes a stabilization period for newly commissioned cell lines. Another 270 GW+ of solar cell manufacturing capacity is in the pipeline, including nearly 190 GW under development and over 80 GW in announced projects.
The country’s operational solar module manufacturing capacity stands at 275 GW, approximately 5.5 times its operational cell manufacturing capacity. The country also has 265 GW of module manufacturing capacity in the pipeline.
Parth Shukla
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