Navitas Solar plans ₹10,000-crore green energy blitz across Gujarat, Maharashtra

In one of the largest domestic bets on green energy, Surat-based Navitas Solar, founded by four friends, is drawing up an ambitious ₹10,000-crore investment plan to build an integrated renewable energy ecosystem across Gujarat and Maharashtra.

The proposed expansion will create manufacturing facilities across the solar value chain, including ingots, wafers, high-efficiency solar cells and battery energy storage systems (BESS). It also includes the development of two solar parks. The move marks a significant backward-integration strategy as the company seeks to capitalise on India’s push for domestic value addition and clean energy infrastructure.

“If the growth trajectory in the renewable sector continues, we plan to invest ₹10,000 crore over the next five years. The investments will cover the entire value chain, including solar cells, ingots, wafers, battery storage and solar parks,” said Ankit Singhania, Director, Navitas Solar.

He said the promoters have already raised ₹300 crore to fund operations and currently hold about 67 per cent of the company. “We aim to launch an IPO over the next couple of years to raise a part of the required capital,” Singhania said.

Navitas Solar was founded in 2013 by a group of young entrepreneurs and friends: Vineet Mittal, Sunay Shah, Ankit Singhania and Aditya Singhania.

At Sisodara in Surat district, the company has already commissioned a 2.5-GW solar module manufacturing facility, taking its total module production capacity to 3 GW. On an adjoining plot, Navitas Solar is setting up a 2.4-GW solar cell manufacturing line, along with 100-MW pilot lines each for ingot and wafer production.

“Currently, we are building Phase I of a 2.4-GW solar cell manufacturing plant at an investment of ₹1,200 crore. We are also setting up pilot projects for ingots and wafers to develop technical expertise before the government introduces its policy framework. This will enable us to scale up quickly,” Singhania said.

The company expects the 2.4-GW cell manufacturing facility to become operational by July 2027.

Navitas Solar reported revenue of ₹1,300 crore in FY26 and is targeting ₹2,000 crore in FY27.

Beyond manufacturing, the company is expanding into solar power generation. Singhania said Navitas Solar is developing two solar parks in Maharashtra under the EPC and independent power producer (IPP) models, with capacities of 200 MW and 25 MW, respectively.

The company is also entering the energy storage segment with a 5-GWh BESS facility in Vadodara, involving an investment of around ₹100 crore.

The planned investments will establish Navitas Solar across the renewable energy value chain, from upstream manufacturing of ingots, wafers, solar cells and modules to downstream businesses such as power generation and energy storage.