Swiss impact asset manager responsAbility has committed growth capital of up to Rs. 1.9 bn to Surat-based Navitas Solar to support the company’s entry into solar cell manufacturing. The funding will contribute to a planned 2.2 GW facility involving an investment of Rs. 10 bn.

The investment has been made on behalf of investors through responsAbility’s Asia Climate Fund. Structured as quasi-equity, combining debt and equity, it will be used entirely for capital expenditure for the proposed solar cell plant. Navitas Solar has already received Rs. 1.25 bn in the first tranche, with the balance expected to be disbursed over the next 3 to 4 months.

The Asia Climate Fund focuses on scalable private-sector solutions in high-growth markets that can deliver measurable carbon dioxide reductions and positive societal impact. The investment is expected to support Navitas Solar’s backward integration and strengthen its position across India’s solar manufacturing value chain.

Navitas Solar had previously raised capital from family offices and domestic funds in 2023 and 2025. The company is also considering expansion into wafer and ingot manufacturing as India seeks to strengthen domestic renewable energy production and reduce reliance on imported components.

Founded in 2013 and headquartered in Surat, Gujarat, Navitas Solar operates across solar module manufacturing, encapsulant production, engineering, procurement and construction services, battery energy storage systems and renewable power generation. It manufactures Mono PERC and N-type TOPCon modules ranging from 40 Wp to 720 Wp, serves customers across India and is pursuing international opportunities. The company is also developing advanced TOPCon and perovskite-TOPCon hybrid tandem modules through a partnership with Caelux. Centrum Capital’s Infrastructure Advisory arm acted as exclusive financial adviser on the transaction.