Navitas Solar has secured a growth capital commitment of up to $20 million, or about ₹190 crore, from Swiss impact asset manager responsAbility to support its entry into solar cell manufacturing and fund a proposed 2.2 GW facility in Gujarat.
The investment, made through responsAbility’s Asia Climate Fund, is structured as quasi-equity, combining debt and equity. The capital will be used entirely for capital expenditure related to the proposed solar cell plant, which Navitas has estimated will require an investment of ₹1,000 crore.
Vineet Mittal, director of finance and strategy at Navitas Solar, told The Hindu BusinessLine that ₹125 crore had already been disbursed in the first tranche. The remaining amount is expected to be released over the next three to four months, he said.
“The funding for capex for our solar cell project has come from a European climate fund called responsAbility. They decided to invest after a thorough due diligence process,” Mittal said.
The proposed facility is part of Navitas Solar’s plan to deepen its backward integration across the solar manufacturing value chain. The company currently operates an integrated renewable-energy platform that includes solar module manufacturing, encapsulant production, engineering, procurement and construction services, battery energy storage systems and renewable power generation.
Founded in 2013 and headquartered in Surat, Gujarat, Navitas manufactures Mono PERC and high-efficiency N-type TOPCon solar modules ranging from 40 Wp to 720 Wp. It serves customers across India and is also pursuing opportunities in international markets.
The company said its move into solar cells is intended to strengthen domestic supply chains and increase local value addition as India seeks to expand renewable-energy manufacturing and reduce dependence on imported components. Navitas also plans to enter wafer and ingot manufacturing in the near future, although the company did not provide a project timeline for those facilities in the information disclosed.
ResponsAbility’s Asia Climate Fund targets scalable private-sector solutions in high-growth markets that can deliver measurable carbon dioxide reductions and positive societal impact. The investment therefore links Navitas’s manufacturing expansion to the fund’s climate and impact-investment mandate.
Navitas had previously raised capital from family offices and domestic funds in 2023 and 2025, according to Mittal. The company is also pursuing advanced solar technologies, including high-efficiency TOPCon and perovskite-TOPCon hybrid tandem modules through its partnership with Caelux.
Mumbai-based Centrum Capital’s Infrastructure Advisory arm acted as the exclusive financial adviser to Navitas Solar on the transaction. The next disclosed funding milestone is the release of the remaining commitment, expected within three to four months, while the proposed 2.2 GW cell facility remains part of the company’s broader manufacturing expansion plan.
