Other Private Equity/Strategic Investments
Solar modules maker Navitas Green Solutions raises $5-M
Surat-headquartered solar modules maker Navitas Green Solutions has raised USD 5 million. Parishi Diamond Group led the round as anchor investor with more than 50% investment. Other participants included Lemon Emerging Ventures LLP, and high networth investors, under guidance from RSM-Lemon Consultech. Navitas specialises in the production of polycrystalline and Mono PERC solar modules ranging from 5 watts to 600 watts per panel. The company, which 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. Set up in 2013, the company has so far supplied solar modules worth 500 MW. It has an order book of 30-35 MW. The firm's turnover reached INR 205 crore in FY23. It has over 800 customers across India, including governments, semi-government bodies, and commercial enterprises.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
