Navitas Solar gets up to $20M for cell plant
By Abha Lohia ·
- Navitas Solar is a Surat-based company that makes solar products and wants to move deeper into the solar manufacturing chain
- A Swiss climate-focused asset manager has committed growth money of up to $20 million, roughly ₹190 crore, with part already paid out
- The funds go only into building a planned 2.2 GW solar cell factory worth about ₹1,000 crore, with the rest due within months
What happened
- A Swiss fund has committed up to $20M (about ₹190 Cr) to the company.
- The money is quasi-equity, a mix of debt and equity.
- ₹125 Cr has come in as the first tranche.
- The rest is expected within 3-4 months.
- It is meant only for capital spending on a solar cell plant.
Why it matters
- India wants more solar equipment made at home.
- Making cells lets the firm control more of its supply chain.
- The planned plant of 2.2 GW needs about ₹1,000 Cr.
The business
- Surat-based solar company
- Moving into solar cell manufacturing
Who put in money
- responsAbility Lead investor — Swiss impact asset manager investing through its Asia Climate Fund
In numbers
₹125 CrFirst tranche · 2026
What happens next
- Remaining funds due in 3-4 months
Earlier rounds
- Raised from family offices and domestic funds in 2023 and 2025
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