India’s Goldi Solar raises $171 million to boost solar manufacturing

GUJARAT, October 29, 2025 – India’s Goldi Solar has secured approximately USD 171 million in a funding round led by Havells India to expand its solar module and cell manufacturing facilities in Gujarat, Reuters reported on Wednesday.

The round also included capital contributions from Ambit Global Private Client, Shahi Exports, SRF Transnational Holdings, NSFO Ventures and Nikhil Kamath, the co-founder of retail discount stockbroker Zerodha.

The funds will help Goldi Solar invest in high-efficiency solar technologies and continue ongoing plans to increase its solar PV module production capacity nearly fivefold to 14.7 GW per year. The deal is a signal of rising investor confidence in India’s energy transition in the context of a government push to double non-fossil fuel power generation capacity to 500 GW.

India’s new clean energy policy, which takes effect in June 2026, mandates the use of locally made solar modules and cells in government-backed projects, a move that aims to support the domestic industry and reduce dependence on Chinese equipment and components.

Goldi Solar is one of India’s largest solar module manufacturers. The company supplies solar PV panels and provides EPC services in India and international markets, and is seeking to transition into integrated solar manufacturing, including solar cells.

Havells India is a manufacturer of electrical equipment for domestic, commercial and industrial use. The company has been increasing its presence in India’s renewable energy sector.

Photo courtesy of Goldi Solar

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