Entrepreneur and investor Nikhil Kamath has invested Rs 137.5 crore in Goldi Solar, a solar photovoltaic (PV) module manufacturer. The fresh capital infusion is expected to support Goldi Solar’s manufacturing expansion and reinforce India’s positioning as a global renewable energy hub.
The investment comes at a time when India is scaling up domestic solar capacity to meet its clean energy targets. The government has set an ambitious goal of 280 GW of solar power generation by 2030. Policy measures such as import duties on foreign modules and incentives under the Production Linked Incentive (PLI) scheme are further spurring growth in the domestic solar equipment manufacturing sector.
Kamath, co-founder of Zerodha and True Beacon, said India had the potential to create global-scale renewable companies. “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 said.
Goldi Solar’s rapid scale-up
Founded in 2011 by Ishverbhai Dholakia, Goldi Solar has emerged as the largest PV module manufacturer in India. The company operates advanced manufacturing facilities in Surat, Gujarat. In the last 12 months, Goldi nearly tripled its solar PV module capacity from 3 GW to 14.7 GW. It is also building solar cell manufacturing units in Surat as part of its backwards integration strategy.
The company plans to roll out high-efficiency solar PV modules and cells incorporating emerging technologies to cater to India’s rising clean energy needs, while also tapping export markets.
Aligning with India’s net-zero goals
Goldi Solar’s expansion aligns with India’s decarbonisation roadmap and long-term climate goals. The country has pledged to achieve net-zero emissions before 2070, and scaling up domestic manufacturing is expected to play a critical role in meeting this target.