Swiss Investor responsAbility Commits Up to ₹190 Crore to Surat-Based Navitas Solar for Expansion

Swiss impact asset manager responsAbility has committed growth capital of up to $20 million, approximately ₹190 crore, to Surat-based Navitas Solar. The investment is directed toward supporting the renewable energy company's entry into solar cell manufacturing, which includes a planned 2.2 GW facility requiring an overall investment of ₹1,000 crore.

The transaction was executed on behalf of investors through responsAbility’s Asia Climate Fund. Structured as a combination of debt and equity in the form of quasi-equity, the funding is earmarked entirely for capital expenditure related to the proposed solar cell plant. Vineet Mittal, Director of Finance and Strategy at Navitas Solar, stated that an initial disbursement of ₹125 crore has already been completed in the first tranche, with the remaining amount scheduled to be disbursed over the next three to four months.

According to the company, responsAbility finalized the investment following a due diligence process. The Asia Climate Fund targets private-sector solutions in high-growth markets aimed at delivering measurable carbon dioxide reductions and positive societal impact.

This financing supports Navitas Solar's strategy to deepen its backward integration and expand its presence across the Indian solar manufacturing value chain. Previously, the company raised capital from domestic funds and family offices in 2023 and 2025. In addition to the upcoming solar cell plant, Navitas intends to expand into wafer and ingot manufacturing in the near future.

Founded in 2013 and based in Surat, Gujarat, Navitas operates an integrated renewable energy platform. Its business segments include solar module manufacturing, encapsulant production, engineering, procurement and construction (EPC) services, battery energy storage systems, and renewable power generation. The firm produces Mono PERC and high-efficiency N-type TOPCon solar modules ranging from 40 Wp to 720 Wp, catering to both domestic and international markets.

The company's leadership notes that backward integration into solar cells aims to strengthen domestic supply chains, increase local value addition, and enhance long-term market competitiveness amidst India's broader push to reduce reliance on imported solar components. Furthermore, Navitas is pursuing advanced technologies, such as high-efficiency TOPCon and perovskite-TOPCon hybrid tandem modules, through a partnership with Caelux.

Mumbai-based Centrum Capital’s Infrastructure Advisory arm served as the exclusive financial adviser to Navitas Solar for the transaction.

"The commitment of quasi-equity funding by an international climate fund highlights the growing global interest in India's renewable energy manufacturing sector. For companies like Navitas Solar, securing institutional growth capital for backward integration is a crucial step toward achieving supply chain self-reliance and scaling heavy capital expenditure projects. As domestic demand for locally manufactured solar components rises, strategic investments focused on long-term capacity building will play a defining role in shaping the competitiveness of Indian renewable enterprises in both domestic and international markets." — Dr. Shishir Gupta, Founder & CEO, StartupLanes