India's Navitas Solar to add 1.2 GW of module production capacity

• Indian solar module maker Navitas Green Solutions Pvt Ltd, likewise called Navitas Solar, has increased USD 5 million (EUR 4.5 m) to support its plan to expand its production capacity to 1.7 GW, it said on Friday.

The financing round was led by a group of high-networth private investors, consisting of the promoters of Parishi Diamond Group, Lemon Emerging Ventures LLP and also others.

The fresh resources will certainly enable the company to include 1.2 GW to its existing production capacities in order to meet growing market demand. Presently, it operates a 500-MW center in Surat, Gujarat state, where it creates mono and polycrystalline solar modules, in addition to PERC half-cut modules.

Navitas has set a goal of getting to 3 GW of annual production capacity as well as increasing its items to the US, Europe and also Africa. Along with photovoltaic or pv (PV) modules, the firm makes inverters as well as batteries and also delivers engineering, procurement and also building and construction (EPC) services.