Goldi Solar, based in the Indian state of Gujarat, is among India’s largest solar cell producers. Electrical equipment manufacturer Havells India led a $171 million growth funding round for the company as a strategic investor.
The capital will help Goldi ramp up production to 14.7 gigawatts of panel capacity and four gigawatts of solar cell capacity by 2027.
Other investors in the round include Ambit Global Private Client, SRF Transnational Holdings and NSFO Ventures.
Domestic solar manufacturing in India is being propelled by the government’s ambitious renewable energy goals. The country is aiming for 500 gigawatts of installed renewable energy capacity by 2030.
Starting next June, all government-backed solar projects, net-metering projects that feed into the electricity grid, and commercial and industrial “open access” projects in India must be developed using domestic solar cells and panels.
