India’s Navitas Solar raises US$5 million, funding PV module manufacturing growth

India’s Navitas Solar next phase of expansion targets an annual capacity of 3GW. Image: Unsplash.

Indian module manufacturer Navitas Green Solutions (Navitas Solar) has raised US$5 million aimed to expand its current solar manufacturing capacity.

With a current manufacturing capacity of 500MW per year – with a production of polysilicon and mono Passivated Emitter and Rear Contact (PERC) solar modules – the company targets to add a further 1.2GW of capacity, bringing total annual capacity to 1.7GW.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

PV Tech reached out to Navitas Solar to seek clarification on the technology that will be used for the capacity expansion as well as its operational date.

Lead investors in the funding round include Indian diamond manufacturer Parishi Diamond Group – as the anchor lead investor with more than 50% – along with Lemon Emerging Ventures and other high net-worth individuals (HNI) investors.

The modules the company assembles range from 5 watts to 600 watts per panel, while the next phase of Navitas Solar expansion targets an annual module capacity of 3GW.

“The funding will allow us to expand our manufacturing capacities and meet the growing demand for solar power projects. It also gives a big boost to our ambitions to develop the most efficient and reliable solar modules and emerge as a global player,” said Vineet Mittal, director and co-founder of Navitas Solar.

The Indian manufacturer is among the more than 90 companies that figure in the government’s Approved List of Models and Manufacturers (ALMM) that was implemented to help boost domestic solar manufacturing in India against China’s dominance in the supply value chain of solar PV.

21 May 2024
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 21-22 May 2024, will be our third PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2025 and beyond.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 21, 2024
Sydney, Australia
Solar Media Events
May 21, 2024
Napa, USA
Solar Media Events
May 22, 2024
London, UK
Upcoming Webinars
May 29, 2024
11am (EDT) / 5pm (CEST)