Navitas, an integrated renewable energy company in India, has secured growth capital of up to USD 20 million from Swiss impact asset manager responsAbility to support its expansion into solar cell manufacturing. The investment will help the company establish a planned 2.2 GW solar cell manufacturing facility in India as it seeks to strengthen its presence across the solar value chain and expand its domestic manufacturing capabilities.
The investment has been made through responsAbility’s Asia Climate Fund, which focuses on supporting scalable private-sector solutions that deliver measurable carbon dioxide emission reductions and positive societal impact in high-growth markets. The funding is expected to support Navitas’ long-term growth strategy and strengthen its position in India’s expanding renewable energy manufacturing sector.
Navitas has established an integrated business spanning solar module manufacturing, encapsulant production, engineering, procurement and construction (EPC) services, battery energy storage systems (BESS), and renewable power generation. Its planned entry into solar cell manufacturing represents a significant step towards backward integration, allowing the company to expand its manufacturing capabilities and improve its control over critical stages of solar production.
The company is also planning to expand further into wafer and ingot manufacturing in the near future. This proposed expansion would extend its presence across additional stages of the solar supply chain and support its objective of developing a more integrated clean energy manufacturing platform.
The investment comes as India continues to strengthen its domestic solar manufacturing ecosystem and reduce reliance on imported components. The development of local manufacturing capabilities is a key part of the country’s efforts to improve energy security, increase domestic value addition and establish globally competitive clean energy supply chains.
Navitas’ expansion into solar cells is aligned with these priorities. By developing additional manufacturing capacity, the company aims to strengthen its long-term competitiveness while contributing to the growth of India’s solar industry. Its focus on high-efficiency Tunnel Oxide Passivated Contact (TOPCon) technology and advanced solar products also forms part of its broader strategy to develop technologies for the global market.
The company has partnered with Caelux on Perovskite-TOPCon hybrid tandem modules, reflecting its interest in next-generation solar technologies. These technologies aim to improve solar module performance and support the development of higher-efficiency products.
Centrum Capital’s Infrastructure Advisory arm acted as the exclusive financial advisor to Navitas for the transaction. The Mumbai-based investment bank has advised companies operating in solar manufacturing and the wider energy transition sector.
Vineet Mittal, Director of Navitas, said the investment would provide growth capital and establish a partnership with an institutional investor whose objectives align with the company’s long-term plans. He noted that backward integration into solar cells would strengthen domestic supply chains and increase value addition within India.
Vijay Menon, Chief Operating Officer of Navitas Solar, said the company aims to ensure that its expansion is supported by strong governance, environmental stewardship, responsible employment practices and positive contributions to local communities. He described the funding as recognition of the company’s progress and commitment to continued improvement.
Kartik Jain, Head of Finance at Navitas Solar, said the investment would improve financial flexibility and support the company’s operational expansion and capability development.
Jay Bathija, Principal, Climate Infrastructure Investments at responsAbility, said Navitas had established a strong track record in solar module manufacturing. He added that its entry into cell manufacturing was a natural next step that could deepen integration across the solar value chain and strengthen its long-term competitiveness.
The investment marks a further step in Navitas’ expansion plans as India continues to develop domestic manufacturing capacity across the renewable energy sector.
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