Navitas Green Solutions, a leading solar module manufacturer in India, has recently raised $5 million to expand its solar manufacturing capacity. The company currently has a manufacturing capacity of 500MW per year and produces polysilicon and mono Passivated Emitter and Rear Contact (PERC) solar modules. With this new investment, Navitas Solar aims to add a further 1.2GW of capacity, bringing its total annual capacity to 1.7GW.
Navitas Solar plans to use the latest technology for the capacity expansion, but no specific details have been shared yet. PV Tech reached out to the company for clarification on the technology and the operational date of the new capacity.
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The funding round was led by Indian diamond manufacturer Parishi Diamond Group, which is also the anchor lead investor with more than 50% stake in the investment. Other investors included Lemon Emerging Ventures and several high net-worth individuals (HNI).
Navitas Solar assembles modules ranging from 5 watts to 600 watts per panel, and the next phase of the expansion will target an annual module capacity of 3GW. The company is committed to developing the most efficient and reliable solar modules and aims to emerge as a global player in the industry.
“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.
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The Indian manufacturer is one of more than 90 companies that feature in the government's Approved List of Models and Manufacturers (ALMM). The ALMM was implemented to boost domestic solar manufacturing in India and reduce China's dominance in the supply value chain of solar PV. With this new investment, Navitas Solar is well-positioned to take advantage of the growing demand for solar power projects in India and around the world.
