Business magnate Nikhil Kamath pours Rs 137.5 crore into Goldi Solar, a solar energy company based in Gujarat.
Investment by Nikhil Kamath to Boost Goldi Solar's Global Ambitions
Goldi Solar, a leading solar photovoltaic (PV) module manufacturer based in India, is set to accelerate its production expansion following an investment by Nikhil Kamath, co-founder of Zerodha.
The investment, worth Rs 137.5 crore, aims to bolster Goldi Solar's ambitions to become a global renewable energy player. The company, founded in 2011, has already made significant strides in the solar industry, with its solar PV module manufacturing capacity nearly tripling over the past year, rising from 3 GW to 14.7 GW.
Goldi Solar's facilities in Surat are state-of-the-art and the company has scaled rapidly in recent years. The company is now developing large-scale solar cell manufacturing facilities in Surat, Gujarat, with plans to extend into solar cell production to serve both domestic and export markets.
The investment by Nikhil Kamath is motivated by India's target of installing 280 GW of solar power by 2030. This ambitious goal aligns with Goldi Solar's mission, which also aims to contribute to India's broader decarbonization goals and its pledge to achieve net-zero emissions by 2070.
The surging domestic solar demand in India is driving the investment in Goldi Solar. The Indian government has implemented measures such as import duties on foreign modules and incentives under the Production Linked Incentive scheme to encourage local manufacturing in India. These policies aim to support India's ambitious solar capacity expansion and enhance self-reliance in renewable technologies.
Nikhil Kamath emphasized the importance of backing companies to accelerate India's clean energy transition. He stated that renewable energy in India presents a massive opportunity to build global-scale companies.
With this investment, Goldi Solar is expected to further accelerate its production expansion, contributing to India's goal of becoming a major player in the global renewable energy sector.
