responsAbility invests up to $20 million in India’s Navitas Green
Founded in 2013, Navitas has 2.2 GW of operational module capacity and an established presence in solar encapsulants. It also runs solar EPC and renewable power generation businesses in India and abroad, including utility-scale EPC projects in Africa.
Swiss impact asset manager responsAbility is investing up to USD 20 million on behalf of its investors as growth capital in Navitas Green Solutions Private Limited, a solar module manufacturer headquartered in Surat, India.
The funding will support Navitas’s expansion into solar cell manufacturing, including a planned 2.2 GW cell facility in India. The investment is part of responsAbility’s Asia Climate Fund, which targets scalable private-sector solutions that deliver measurable CO₂ reduction and positive societal impact in high-growth markets, responsAbility said in a press release.
Founded in 2013, Navitas has 2.2 GW of operational module capacity and an established presence in solar encapsulants. It also runs solar EPC and renewable power generation businesses in India and abroad, including utility-scale EPC projects in Africa. The company recently announced plans to invest approximately USD 1 billion over five years in Gujarat and Maharashtra to build an integrated platform spanning ingots, wafers, cells, modules, battery energy storage systems and renewable power generation, the press release 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,” Jay Bathija, Principal, Climate Infrastructure Investments at responsAbility, said. “We are pleased to partner with Navitas as it aims to contribute to India’s clean energy and domestic manufacturing ambition.”
“We are pleased to welcome responsAbility as an institutional partner in the next phase of Navitas’s journey,” Vineet Mittal, Founder, Navitas, said. “Their 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.”
