Indian entrepreneur invests $15.8 million to expand PV production

Indian entrepreneur Nikhil Kamath has invested INR 1.375 billion ($15.8 million) in Gujarat-based Goldi Solar to expand its PV module production.

From pv magazine India

Entrepreneur and investor Nikhil Kamath has invested INR 1.375 billion in Goldi Solar, a Gujarat-based PV module manufacturer. The investment will enable Goldi Solar to expand production.

Goldi Solar nearly tripled its PV module capacity from 3 GW to 14.7 GW over the past 12 months and is now entering large-scale solar cell manufacturing to serve domestic and export markets.

“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,” said Kamath.

The investment comes amid rapid growth in domestic solar demand, supported by government targets of 280 GW of solar power by 2030, import duties on foreign modules, and incentives for local manufacturers under the production-linked incentive scheme.