Swiss impact asset manager responsAbility has committed growth capital of up to $20 million (about ₹190 crore) to Navitas Solar to support its entry into solar cell manufacturing, including a planned 2.2 GW facility involving an investment of ₹1,000 crore.
The investment, made on behalf of its investors through responsAbility’s Asia Climate Fund, is structured as quasi-equity, combining debt and equity, and will be used entirely for capital expenditure for the proposed solar cell plant. “Already ₹125 crore has been disbursed in the first tranche and the remaining will happen in the next 3-4 months,” Vineet Mittal, Director (Finance and Strategy) of Navitas Solar, told businessline on Thursday.
“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 added. The investment is part of responsAbility’s Asia Climate Fund, which targets scalable private-sector solutions in high-growth markets that can deliver measurable carbon dioxide reductions and positive societal impact.
The investment marks a key step in Navitas’ plan to deepen its backward integration and expand its presence across India’s solar manufacturing value chain. The company had previously raised capital from family offices and domestic funds in 2023 and 2025, Mittal said. Navitas’ proposed entry into solar cell manufacturing comes as India seeks to strengthen domestic renewable energy manufacturing and reduce dependence on imported components. The company also plans to expand into wafer and ingot manufacturing in the near future.
Founded in 2013 and headquartered in Surat, Gujarat, Navitas has built an integrated renewable energy platform spanning solar module manufacturing, encapsulant production, engineering, procurement and construction (EPC) services, battery energy storage systems (BESS) and renewable power generation. The company manufactures Mono PERC and high-efficiency N-type TOPCon solar modules, with capacities ranging from 40 Wp to 720 Wp, and serves customers across India while pursuing opportunities in international markets.
Its proposed cell facility is intended to strengthen domestic supply chains, increase local value addition and improve the company’s long-term competitiveness. “Our backward integration into solar cells will strengthen domestic supply chains and can create greater value addition within India,” Mittal added. Navitas 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 on the transaction.
Published on October 22, 2026
