- Solar energy production in India will get a new momentum!
- Investment of crores in Navitas from Swiss company
- Find out what the plan is
Navitas Solar Cell Manufacturing Plant: Navitas, India's leading integrated renewable energy platform, has announced that it has raised up to USD 20 million in growth capital from Swiss impact asset manager Responsibility on behalf of its investors. The investment will support the expansion of Navitas' planned 2.2 GW solar cell manufacturing plant in India. This will enable the company to achieve greater 'backward integration' in the solar value chain and build an integrated clean-energy production platform. (Navitas Solar Cell Manufacturing Plant)
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This investment while reducing dependency
The investment is part of Responsibility's 'Asia Climate Fund'. The investment comes at a time when India is strengthening its domestic renewable energy generation ecosystem and reducing its dependence on imports of solar equipment. Navitas has already established its dominance in solar modules, encapsulant manufacturing, EPC services, BESS and renewable energy generation. Navitas aims to strengthen the solar supply chain by expanding into wafer and ingot production in the future.
Welcome to Responsibility as an Institutional Partner
Commenting on the investment, Vineet Mittal, Director, Navitas said, “We are delighted to welcome Responsibility as an institutional partner. Our backward integration in solar cells will further strengthen the domestic supply chain. Our work on high efficiency 'Topcon' technology and our collaboration with Selex on 'Perovskite-Topcon' hybrid tandem modules reflect our ambition to develop world-class advanced technology.”
Investors' confidence in Navitas' execution capabilities
Vijay Menon, COO of Navitas, explained that Navitas prioritizes how a company's growth is achieved responsibly, sustainably and through strong corporate governance, not just by revenue or profit. Navitas Finance Head Karthik Jain noted that the investment will increase the company's financial flexibility and reflects investor confidence in Navitas' execution capabilities in the solar ecosystem.
Expansion in cell production after excellent performance
Also, Jai Bathija, Principal, Climate Infrastructure Investments, Responsibility, said that expansion into cell manufacturing is a natural next step after Navitas' outstanding performance in solar module manufacturing, and they are delighted to participate in India's clean energy and domestic manufacturing ambitions. Mumbai-based Centrum Capital's Infrastructure Advisory Division acted as sole financial advisor to Navitas for this transaction.
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