The Swiss manager’s funding supports a planned 2.2 GW cell facility in India.
responsAbility is investing up to US$20 million on behalf of its investors in Surat-based Navitas Green Solutions, the companies announced on October 22.
The growth capital, provided through responsAbility’s Asia Climate Fund, supports solar-cell manufacturing, including a planned 2.2 GW facility.
Founded in 2013, Navitas has 2.2 GW of operating module capacity, alongside encapsulant manufacturing, solar engineering and construction, and renewable generation businesses, including projects in Africa.
Its separately announced investment plan totals approximately US$1 billion over five years in Gujarat and Maharashtra, covering ingots, wafers, cells, modules, battery storage and power generation.
Navitas founder Vineet Mittal said cell manufacturing “will strengthen domestic supply chains and can create greater value addition within India.”
Mittal also cited TOPCon technology and a Caelux partnership on Perovskite-TOPCon Hybrid Tandem modules. Centrum Capital advised Navitas.
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Our analysis
The investment supports Navitas’ move into manufacturing cells used in modules. Its operating module capacity and planned cell capacity are distinct. The US$20 million funding and broader US$1 billion investment plan are separate figures.
