Goldi Solar Raises ₹14.22 Billion Led by Havells to Boost Domestic Solar Manufacturing
Goldi Solar, one of India’s leading solar module manufacturers, has secured ₹14.22 billion ($171 million) in growth capital, led by electrical equipment giant Havells India. The funding round also saw participation from prominent investors including Ambit Global Private Client, Zerodha co-founder Nikhil Kamath, Shahi Exports, SRF Transnational Holdings, and NSFO Ventures. The transaction was advised by SBI Capital Markets and Saraf and Partners.
The fresh capital will support Goldi Solar’s ambitious expansion plans in Gujarat, where it aims to scale its annual solar PV module capacity nearly fivefold to 14.7 gigawatts. The company also plans to advance into high-efficiency solar cell production as part of its strategic focus on strengthening India’s renewable energy manufacturing base.
The investment reflects rising investor confidence in India’s clean energy transition, as the country targets 500 gigawatts of non-fossil fuel power generation capacity. With the government’s “Make in India” initiative pushing for self-reliance, developers of government projects will be required to use domestically produced modules and cells starting June 2026 — a move expected to further boost local manufacturers like Goldi Solar.
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