The investment is a part of responsAbility’s Asia Climate Fund, which targets scalable private-sector solutions that deliver measurable CO₂ reduction and positive societal impact in high-growth markets.
Navitas is an integrated renewable energy player, having built its presence across solar modules, encapsulant manufacturing, EPC services, BESS, and renewable power generation. Its planned entry into solar cell manufacturing marks a significant step towards greater backward integration, enabling the company to deepen its presence across the solar value chain and strengthen its long-term competitiveness.
Navitas’ expansion is focused on energy security, greater domestic value addition and the development of globally competitive clean-energy supply chains from India. Furthermore, it aims for deep backward integration by expanding into wafer and ingot manufacturing.
“We are pleased to welcome responsAbility as an institutional partner in the next phase of Navitas’s journey. Their investment is important not only as growth capital, but also because of the strong alignment between our long-term objectives,” Vineet Mittal, Director, Navitas, said.
Our backward integration into solar cells will strengthen domestic supply chains and can create greater value addition within India. Our work in high-efficiency TOPCon technology and our partnership with Caelux on Perovskite-TOPCon Hybrid Tandem modules reflect our ambition to build advanced technologies that can compete globally. We see this partnership with responsAbility as an important step towards realizing that ambition responsibly and sustainably, he added.
“Securing funding from ResponsAbility is an important milestone for Navitas as we continue to strengthen our financial foundation and accelerate our growth journey. This partnership reflects the confidence of a leading climate-focused investor in our business fundamentals, our execution capabilities, financial strategy, and the long-term growth potential of India’s solar manufacturing ecosystem. This funding will enhance our financial flexibility and support our efforts to scale operations, strengthen our capabilities and contribute to India’s clean energy transition,” Kartik Jain, Head – Finance, Navitas Solar, said.
“Navitas has established a strong track record in solar module manufacturing. Its expansion into cell manufacturing is a natural next step that will deepen integration across the solar value chain and can strengthen its long-term competitiveness,”
Jay Bathija, Principal, Climate Infrastructure Investments at responsAbility, said.