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Goldi Solar Secures Rs 1,422 Crore Growth Capital Led by Havells and Prominent Indian Investors

Goldi Solar, one of India’s fastest-growing solar PV module manufacturers, has raised Rs1,422 crore in growth capital, led by Havells India, along with a distinguished consortium of high-net-worth individuals (HNIs), institutional, strategic, and prominent investors.

The landmark investment will enable Goldi Solar to expand its manufacturing capacity, strengthen backward integration into solar cell production, and accelerate innovation in high-efficiency solar technologies. It will also bolster the company’s go-to-market efforts as it scales its clean energy footprint both in India and globally.

Havells’ strategic participation underscores its commitment to India’s renewable energy sector, aligning with its long-term vision to promote technological leadership and sustainable growth. Through this partnership, Havells aims to accelerate the adoption of advanced solar technologies and contribute to the nation’s clean energy transition, the company said in a statement.

Other key investors in this funding round include Ambit Global Private Client, Nikhil Kamath, Shahi Exports, SRF Transnational Holdings, Karmav Real Estate Holdings, NSFO Ventures, and Godwitt Construction.

According to the company, these investors share a value-aligned vision for sustainable development and bring deep expertise in long-term capital deployment and governance.

The transaction was advised by SBI Capital Markets, with Saraf and Partners serving as company counsel.

Commenting on the milestone, Capt. Ishver Dholakiya, Founder and Managing Director of Goldi Solar, said:

“This landmark investment marks a transformative chapter for Goldi Solar. With the backing of visionary partners like Havells and other esteemed investors, we are empowered to scale new heights in solar manufacturing and innovation. Together, we will drive the next wave of growth, setting new benchmarks in governance, sustainability, and performance. Our shared commitment will help Goldi Solar lead the global renewable energy transition, delivering impactful solutions for a cleaner, brighter future.”

Over the past year, Goldi Solar has expanded its solar PV module manufacturing capacity nearly fivefold — from 3 GW to 14.7 GW — and is currently developing a solar cell manufacturing facility in Surat, Gujarat.

The company’s rapid growth and new partnerships highlight its position as a key player in advancing India’s domestic solar manufacturing ecosystem and strengthening the nation’s energy independence.