Surat/Zurich: Navitas, one of India’s leading integrated renewable energy platforms, secures growth capital of up to USD 20 million from responsAbility, a leading Swiss impact asset manager, on behalf of its investors. The investment will support Navitas’ expansion into solar cell manufacturing, including a planned 2.2 GW solar cell manufacturing facility in India, as the company advances its strategy to build a more integrated clean-energy manufacturing platform.
The investment is a part of responsAbility’s Asia Climate Fund, which targets scalable private-sector solutions that deliver measurable CO₂ reduction and positive societal impact in high-growth markets.
Navitas today is an integrated renewable energy player, having built its presence across solar modules, encapsulant manufacturing, EPC services, BESS, and renewable power generation. Its planned entry into solar cell manufacturing marks a significant step towards greater backward integration, enabling the company to deepen its presence across the solar value chain and strengthen its long-term competitiveness.
The investment comes at a time when India is strengthening its domestic renewable-energy manufacturing ecosystem and reducing dependence on imported components across critical parts of the solar value chain. Navitas’ expansion is aligned with these priorities, with a focus on energy security, greater domestic value addition and the development of globally competitive clean-energy supply chains from India. Furthermore, Navitas aims for deep backward integration by expanding into wafer and ingot manufacturing shortly.
Mumbai-based investment bank Centrum Capital’s Infrastructure Advisory arm, which has advised some of the established players in the solar manufacturing and energy transition space, acted as the exclusive financial advisor to Navitas.
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.”
About Navitas Solar
Founded in 2013 and headquartered in Surat, Gujarat, Navitas Solar is one of India’s leading solar module manufacturers, established by Vineet Mittal, Ankit Singhania, Aditya Singhania, Sunay Shah, and Saurabh Aggarwal. The company specializes in Mono PERC and high-efficiency N-Type TOPCon solar modules ranging from 40Wp up to 720Wp. Navitas Solar is one of the few fully integrated renewable energy platforms in India with backward and forward integration capabilities – including manufacturing solar encapsulants and solar modules, offering EPC services, providing BESS, and an expansive IPP portfolio. The company currently serves customers across India and is also pursuing opportunities in international markets.
With its roots in Gujarat, Navitas Solar is looking to further strengthen its manufacturing and technology capabilities as India moves towards greater domestic localization of the solar value chain.
To know more, visit https://navitassolar.com/
About responsAbility Investments AG
responsAbility is a leading Swiss impact asset manager with deep expertise in private markets investing across emerging markets. responsAbility has an active investment portfolio in India, which includes companies like Ampin Energy Transition Private Limited, August Energy and Euler Motors amongst others.
