Electrical equipment company Havells India and other high net worth investors have bought a stake of around 21% in Goldi Solar, a solar PV module manufacturer, for Rs 1,422 crore.
Other investors include Nikhil Kamath, Shahi Exports, SRF Transnational Holdings, Karmav Real Estate Holdings, NSFO Ventures LLP, and Godwitt Construction. The investment was led by Havells.
Through these investments, the consortium will actively support Goldi Solar’s continued expansion as a global renewable energy leader, according to a statement.
The funding will facilitate the firm’s manufacturing capacity expansion, strengthen backward integration into solar cell production, and accelerate innovation in high-efficiency solar technologies, while expanding the company’s go-to-market efforts, the company said.
By partnering with Goldi Solar, Havells aims to accelerate the adoption of high-efficiency solar technologies and contribute to the nation’s clean energy ambitions, the statement added. The deal was advised by SBI Capital Markets, with Saraf and Partners serving as company counsel.
Ishver Dholakiya, founder & managing director, Goldi Solar, said: “Together, we will drive the next wave of growth, setting new benchmarks in governance, sustainability, and performance. Our shared commitment will help Goldi Solar lead the global renewable energy transition, delivering impactful solutions for a cleaner, brighter future.”
Goldi Solar has expanded its solar PV module manufacturing capacity nearly fivefold — from 3 GW to 14.7 GW — in the last 12 months and is developing solar cell manufacturing expansions in Surat.