Goldi Solar, a leading solar module manufacturer, has secured ₹14.22 billion funding led by Havells India Limited along with other investors. This capital infusion will accelerate Goldi’s expansion in solar module capacity and facilitate domestic cell manufacturing, positioning it for growth in India’s burgeoning renewable energy sector.
Goldi Solar, headquartered in Surat, Gujarat, has announced raising ₹14.22 billion through a strategic funding round led by Havells India Limited. Havells is committing ₹6 billion for an equity stake of approximately 8.9% to 9.24%, becoming a key strategic partner. This investment is part of Goldi's broader ₹13 billion fundraise aimed at scaling its manufacturing capabilities.
With an existing solar module manufacturing capacity of 10.7 GW as of March 2025, Goldi plans to add another 4 GW by July 2025. The company is also targeting domestic solar cell manufacturing capacity expansion over the next 18 months, supporting India’s drive toward energy self-reliance. The partnership with Havells includes a master supply and service agreement ensuring consistent solar component supply for Havells.
This strategic investment comes amid growing government support for renewable energy and strong demand for domestically produced solar modules. It underscores investor confidence in Goldi Solar’s business model and future growth prospects in the fast-growing solar energy market.
Key Highlights:
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Goldi Solar raises ₹14.22 billion funding led by Havells India Limited.
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Havells invests ₹6 billion to acquire up to 9.24% equity stake.
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Current solar module manufacturing capacity at 10.7 GW with 4 GW expansion planned by July 2025.
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Domestic solar cell manufacturing capacity to expand within 18 months.
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Strategic supply agreement ensures consistent module and cell supply to Havells.
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Funding supports India's renewable energy growth and solar manufacturing push.
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Goldi Solar positioned for accelerated expansion in solar module production.
Sources: Mercom India, PV Magazine India, Business Standard, Angel One, Energetica India, Economic Times