Navitas Solar has secured a commitment of up to $20 million, or about ₹190 crore, from Swiss impact asset manager responsAbility to fund capital expenditure for a proposed 2.2 GW solar cell manufacturing facility in Surat, Gujarat. The investment is expected to support the company’s move into solar cell production and deepen its presence across India’s renewable energy manufacturing chain.
The funding has been committed through responsAbility’s Asia Climate Fund and is structured as quasi-equity, combining debt and equity. Vineet Mittal, Director (Finance and Strategy) at Navitas Solar, told BusinessLine that ₹125 crore had already been disbursed in the first tranche, with the balance expected over the next three to four months.
The proposed cell plant involves an investment of ₹1,000 crore, according to the company. Navitas said the responsAbility funding would be used entirely for capital expenditure related to the facility. The company’s entry into cell manufacturing is part of a broader backward-integration strategy aimed at increasing local value addition and strengthening its supply chain in India.
“Already ₹125 crore has been disbursed in the first tranche and the remaining will happen in the next 3-4 months,” Mittal said. He added that responsAbility had decided to invest after carrying out a due diligence process.
Navitas Solar currently operates across several parts of the renewable energy value chain. Founded in 2013 and headquartered in Surat, the company manufactures solar modules and encapsulants, provides engineering, procurement and construction services, and has businesses in battery energy storage systems 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. It serves customers across India and is also pursuing opportunities in international markets. The proposed cell facility is intended to strengthen its domestic manufacturing platform as India seeks to reduce dependence on imported solar components.
Navitas also plans to expand into wafer and ingot manufacturing in the near future. These stages sit earlier in the solar manufacturing chain and would extend the company’s planned integration beyond modules and cells. The company said its backward integration into solar cells would strengthen domestic supply chains and create greater value addition within India.
The investment comes as climate-focused funds and renewable energy manufacturers seek capital for expansion in high-growth markets. ResponsAbility said its Asia Climate Fund targets scalable private-sector solutions capable of delivering measurable carbon dioxide reductions and positive societal impact.
Navitas had previously raised capital from family offices and domestic funds in 2023 and 2025, according to Mittal. The company is also pursuing advanced solar technologies, including high-efficiency TOPCon and perovskite-TOPCon hybrid tandem modules through a partnership with Caelux.
Mumbai-based Centrum Capital’s Infrastructure Advisory arm acted as the exclusive financial adviser to Navitas Solar on the transaction. The remaining responsAbility funding is expected to be disbursed within the next three to four months, while the proposed 2.2 GW cell facility remains the company’s next major manufacturing expansion.
