Strengthening India’s renewable energy drive, Goldi Solar secured $171 million from Havells and other investors to expand capacity.
Goldi Solar, one of India’s largest solar module manufacturers, has raised 14.22 billion rupees ($171 million) in a growth capital round led by electrical equipment giant Havells India, the company announced on Wednesday. The round also saw participation from several prominent investors, including Ambit Global Private Client, Zerodha co-founder Nikhil Kamath, Shahi Exports, SRF Transnational Holdings, and NSFO Ventures.
The funds will be used to expand Goldi Solar’s manufacturing capacity and scale up solar cell production at its facilities in Gujarat. SBI Capital Markets and Saraf and Partners advised the company on the transaction. With the latest infusion, Goldi plans to increase its annual solar PV module capacity nearly fivefold to 14.7 gigawatts, while advancing its capabilities in high-efficiency solar technologies.
The investment highlights rising investor confidence in India’s clean energy manufacturing sector, as the country accelerates its transition toward renewable power. India aims to double its non-fossil fuel power generation capacity to 500 gigawatts in the coming years, aligning with its climate and energy security goals.
The funding comes at a time when the Indian government’s “Make in India” push is encouraging domestic production to reduce reliance on cheaper Chinese imports. Starting June 2026, new clean energy projects under government tenders will be required to use locally manufactured solar modules and cells, a policy expected to further strengthen domestic manufacturers like Goldi Solar.
