Navitas Solar receives Rs 404.8 million from Parishi Capital to expand Gujarat plant

Navitas Solar has received an investment of Rs 404.8 million from Parishi Capital to expand its solar module manufacturing facility in Ahmedabad, Gujarat. The funding was completed in two tranches, with the first round raised in 2023.

The investment will support capacity expansion from 1.7 gigawatts (GW) to 2.5 GW. A third round of funding is planned to help the company set up a 3 GW solar cell manufacturing plant by 2026.

Navitas Solar, based in Surat, Gujarat, manufactures solar modules and ethylene-vinyl acetate sheets. It also offers services under the engineering, procurement and construction (EPC) model and the renewable energy service company (RESCO) model.

Parishi Capital, also based in Surat, is a private equity and venture investment firm established in 2020. The firm has invested in over 80 companies and manages assets worth more than Rs 3.7 billion. It plans to invest between Rs 861.47 million and Rs 1.29 billion in renewable energy and recycling projects over the next two years.

Parishi Capital has previously backed companies in the clean energy space, including Solnce, Apollo Green, Vikram Solar, BatX Energy and Zero Circle.