- Big explosion of Novitas Solar in Maharashtra!
- 10000 crore investment in 5 years
- What exactly is Megaplan?
Novitas Solar Investment Maharashtra : Navitas Solar, India's leading solar module manufacturer, today announced an investment of Rs 10,000 crore over the next five years. Under this investment, an integrated renewable energy ecosystem will be set up in Maharashtra and Gujarat. The planned investment will accelerate the company's expansion across the entire solar value chain, from ingots, wafers, high-efficiency solar cells and modules to battery energy storage systems (BESS) and renewable energy generation. (Novitas Solar Investment Maharashtra)
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The investment is an important step towards Navitas Solar's transformation from a simple solar module manufacturer to an integrated clean energy company. The company intends to strengthen its presence in the upstream and downstream sectors of the renewable energy value chain, for which the company is focused on building domestic manufacturing capabilities, enabling supply chains and participating in the development of large-scale renewable energy projects.
Also expanding into renewable energy generation, energy storage
Not limited to manufacturing, the company is now expanding into renewable energy generation and energy storage. In Maharashtra, Navitas Solar is developing two solar parks of 200 MW and 25 MW under EPC and Independent Power Producer (IPP) models respectively. Also, in Gujarat, the company is making its debut in energy storage with a 5 GWH battery energy storage project at Vadodara, which will further strengthen the company's capabilities in the clean energy ecosystem.
Significant contribution to clean energy transition
Ankit Singhania, Director, Navitas Solar, said, “India's renewable energy journey is reaching a unique stage where the scope of work, technology and supply chain will play a decisive role in determining the competitiveness of the sector. At Navitas Solar, we want to actively participate in the entire value chain and build capabilities that will enable us to contribute significantly to India's clean energy transformation. Out of our planned investments of Rs. 10,000 crore over the next five years This ambition is evident. We are also investing in technology and infrastructure that will shape the next phase of India's renewable energy ecosystem, along with manufacturing capacity.”
Expansion of renewable energy portfolio
This planned investment builds on Navitas Solar's existing production base. The company has an annual solar module manufacturing capacity of 3 GW. The company also manufactures high-efficiency solar modules with Topcon and Bifacial Mono PERC technology. The company has achieved backward integration of its solar encapsulant business through Navitas Alpha, while expanding its renewable energy portfolio through subsidiaries such as Navitas Planet.
Along with utility-scale renewable energy projects in India, the company's EPC business is also expanding its presence in the South Africa region to execute utility/IPP scale projects.
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