India's Navitas raises up to $20M to build 2.2 GW solar cell plant
What's the deal? Navitas Green SolutionsDealroom has a profile for this one. Try Dealroom → has secured up to $20 million in growth equity from Swiss impact asset manager responsAbility to fund its move into solar cell manufacturing, including a planned 2.2 GW facility in India. The investment comes through responsAbility's Asia Climate Fund, with Mumbai's Centrum Capital advising on the deal.
What's the endgame? The capital backs Navitas's backward integration across the solar supply chain. The Surat-based company, founded in 2013, already makes Mono PERC and N-Type TOPCon modules, and runs businesses in encapsulants, EPC, battery storage, and power generation.
It also plans to push further upstream into wafer and ingot manufacturing.
Why now? India is tightening rules to grow domestic cell production and cut reliance on imports; local-content requirements for cells took effect in June 2026. That gives Navitas a policy tailwind as it scales.
By the numbers: The raise marks a sharp step-up for Navitas, which had previously raised about $5 million. The company has separately outlined a US$1.36B, five-year investment plan spanning cells, wafers, storage, and renewable projects across Gujarat and Maharashtra.
"Our backward integration into solar cells will strengthen domestic supply chains and can create greater value addition within India," said Vineet Mittal, a director at Navitas.
What could go wrong? Navitas enters a crowded, capital-intensive race, with rivals including Waaree and Premier Energies already expanding capacity. Execution and eventual plant scale will matter more than this funding alone.
The signal: The deal shows foreign climate capital flowing into Indian solar manufacturing as policy support builds. "Its expansion into cell manufacturing is a natural next step," said Jay Bathija, principal for climate infrastructure investments at responsAbility — a bet that domestic supply-chain depth will define who competes.
Read more: businessworld.in
Image credit: AMOB SA
