Havells led funding round secures $171 Million for India's Goldi Solar
Goldi Solar, India's largest manufacturer of solar modules, announced on Wednesday that it had raised $142,1,000,000 ($171,000,000) in growth capital, led by the electrical equipment giant Havells India.
Shahi Exports and SRF Transnational Holdings are among the high-net worth individuals and companies that invested in this round.
The money raised will be used to support Goldi Solar in its manufacturing expansion, and the production of solar cells in Gujarat.
The company stated that the capital infusion was advised by SBI Capital Markets and Saraf and Partners. This comes at a time when Goldi is ramping up its annual capacity of solar PV modules to nearly five times its current level, 14.7 gigawatts. It also deepens their push into high efficiency solar technologies.
The fundraising highlights growing investor interest as India looks to double its non-fossil energy generation capacity annually to 500 GW.
India's clean-energy manufacturing is also accelerating as the government of Prime Minister Narendra modi aims to reduce its dependence on China by implementing "Make in India" programs.
In June 2026, India’s Clean Energy Policy will require that developers of government projects or tenders use only locally made modules and cells. The majority of Indian companies use Chinese solar cells because they are cheaper. Sethuraman N. R.; Rashmi Aich, Editor.
(source: Reuters)
