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The Swiss impact asset manager responsAbility is to provide Navitas Green Solutions, a Surat-based solar module manufacturer, with up to $20 million of growth capital. The capital is meant to carry Navitas into solar cell manufacturing, including a planned cell facility of 2.2 GW in India. The Swiss firm is investing on behalf of its investors, and the money is to come from its Asia Climate Fund. Navitas has been in business since 2013, and it already operates 2.2 GW of module capacity. Cell manufacturing is one part of a larger plan, under which Navitas is to invest approximately $1 billion over five years in Gujarat and Maharashtra. That plan is meant to build an integrated platform that would run from ingots and wafers through cells and modules to battery storage. Vineet Mittal, the founder of Navitas, has said that backward integration into solar cells will strengthen the domestic supply chains of India.
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