The funding will support Navitas’ planned entry into solar cell manufacturing, including a proposed 2.2 GW facility in India, as the company expands its integrated clean-energy manufacturing platform.
Navitas, an integrated renewable energy company, has secured growth capital of up to $20 million (approximately ₹1.9 billion) from Swiss impact asset manager responsAbility on behalf of its investors. The funding will support the company’s planned entry into solar cell manufacturing, including the development of a 2.2 GW solar cell manufacturing facility in India as it expands its clean-energy manufacturing footprint.
The investment comes through responsAbility’s Asia Climate Fund, which focuses on supporting scalable private-sector businesses that contribute to carbon emissions reduction and climate resilience across high-growth markets.
The funding arrives as India accelerates efforts to strengthen domestic renewable energy manufacturing and reduce reliance on imported solar components. Navitas’ expansion is aligned with these objectives, with the company seeking to enhance domestic value addition, strengthen energy security and build globally competitive clean-energy supply chains. Navitas also plans to expand into wafer and ingot manufacturing as part of its broader backward integration strategy.
Commenting on the investment, Vineet Mittal, Director, Navitas, said, “Their (responsibility’s) 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.”
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.”
Deepening Solar Integration
Headquartered in Surat, Gujarat, Navitas has built an integrated presence across solar modules, encapsulant manufacturing, engineering, procurement and construction (EPC) services, battery energy storage systems (BESS) and renewable power generation. Its proposed entry into solar cell manufacturing represents a significant step in extending that integration, enabling the company to capture greater value across the solar manufacturing chain and strengthen long-term competitiveness.
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.”
Kartik Jain, Head of 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.”
Mumbai-based investment bank Centrum Capital’s Infrastructure Advisory arm acted as the exclusive financial advisor to Navitas on the transaction.