Solar module maker Navitas Green Solutions Pvt. Ltd on Thursday announced raising $5 million from a group of investors at an undisclosed valuation.
The company, that currently has 500 megawatt (Mw) of module manufacturing capacity, will add another 1.2 Gigawatt (Gw) of capacity taking the total installed capacity to 1.7 Gw.
“Under the guidance from RSM-Lemon Consultech, a group of HNI investors participated in the funding round. Lead investors include promoters of Parishi Diamond Group (as anchor investor leading the round with more than 50 per cent), Lemon Emerging Ventures LLP, and other HNI investors,” said a statement.
Navitas Solar is specialised in the production of polycrystalline and Mono PERC solar modules ranging from 5 watts to 600 watts per panel.
“The funding will allow us to expand our manufacturing capacities and meet the growing demand for solar power projects. It also gives a big boost to our ambitions to develop the most efficient and reliable solar modules and emerge as a global player,” said Vineet Mittal, Director & Co-Founder, Navitas Solar.
Supply of modules
Set up in 2013, the company has so far supplied solar modules worth 500 MW of which about 100 MW of modules were supplied in the past one year.The company has an order book of 30-35 MW.
“We have studied the business model of Navitas in detail and found it highly scalable,” commented Nirav Jogani, Vice-Chairman of Lemon Consultech.
Aaryan Shah from Parishi Diamond Group, the lead investor in the round, added, “Navitas is the perfect partner for our investment in renewable energy.”
Navitas Green has achieved a CAGR of 30 per cent from 2015 to 2023, with turnover reaching ₹205 crore in FY23.
Navitas Solar has also achieved backward and forward integration. Its subsidiary Navitas Alpha Renewables Pvt. Ltd. (NARPL) manufactures EVA Sheets, while in the forward integration it provides project execution & full-fledged EPC services for residential, commercial and industrial clients on rooftop as well as open access solar parks.
Navitas Solar has over 800 customers pan India, including governments, semi-government bodies, and commercial enterprises, and has catered to some of the largest Indian brands, including customers from the US. The company is looking to export to the US, EU and Africa.