Nikhil Kamath invests Rs 138 crore in solar PV module manufacturer Goldi Solar

Entrepreneur and investor Nikhil Kamath has invested Rs 137.50 crore in Goldi Solar, India's largest solar PV module manufacturing firm. The investment is expected to enhance the company's production capabilities and position India as a leading global renewable energy hub.

Goldi Solar has rapidly increased its manufacturing capacity from 3 GW to 14.7 GW over the past year. The company is expanding its solar cell manufacturing in Surat, Gujarat, and introducing high-efficiency solar PV modules to meet the rising demand for clean energy in India.

The co-founder at Zerodha, Kamath emphasised the importance of supporting domestic companies in the renewable energy sector. "Renewable energy in India is a massive sector, and there is an equally massive opportunity to build global-scale companies right here on our home ground. It is imperative that we back these companies to accelerate the country’s clean energy transition," he stated.

This investment occured amid growing domestic demand for solar power, bolstered by government initiatives aiming for 280 GW by 2030. The government's support includes import duties on foreign modules and incentives for local manufacturers under the Production Linked Incentive scheme.

Founded in 2011 by Mr. Ishverbhai Dholakia, Goldi Solar is among major solar module manufacturers. With facilities in Surat, the company is venturing into large-scale solar cell manufacturing for both domestic and international markets.

Goldi Solar said its  growth aligns with India's vision of decarbonisation and achieving net zero emissions before 2070. By investing in emerging technologies, the company is aiming to contribute significantly towards developing a sustainable future.

The investment from Kamath is expected to further Goldi Solar's mission to introduce innovative solar solutions and expand its market reach.