NEW DELHI: Entrepreneur and investor Nikhil Kamath has invested Rs 137.5 crore in Goldi Solar, India’s largest solar photovoltaic (PV) module manufacturer, as part of efforts to strengthen the country’s renewable energy manufacturing base.
The fresh fund infusion will help Goldi Solar expand its production and accelerate India’s positioning as a global renewable energy hub.
Over the last year, Goldi Solar has nearly tripled its module manufacturing capacity—from 3 GW to 14.7 GW—and is now ramping up its solar cell production facilities in Surat, Gujarat. The company plans to roll out new high-efficiency modules and cells using emerging technologies to meet India’s fast-rising demand for clean power.
“Renewable energy in India is a massive sector, and there is an equally massive opportunity to build global-scale companies right here on our home ground. It is imperative that we back these companies to accelerate the country’s clean energy transition,” Kamath said.
The investment comes amid robust domestic solar demand, underpinned by the government’s target of installing 280 GW of solar power by 2030, import duties on foreign modules, and incentives for local manufacturers under the Production Linked Incentive (PLI) scheme.
Founded in 2011 by Ishverbhai Dholakia, Goldi Solar has grown into India’s largest module manufacturer with state-of-the-art facilities in Surat. In less than a year, the company expanded capacity from 3 GW to 14.7 GW and is now venturing into large-scale solar cell manufacturing to serve both domestic and export markets.