Nikhil Kamath Invests Rs 137 Cr in Solar Firm

Entrepreneur and investor Nikhil Kamath has invested Rs 137.5 crore in Goldi Solar, India’s largest solar PV module manufacturing company. The investment will enable Goldi Solar to expand its production

and position India as one of the world’s leading global renewable energy manufacturing hubs.

Goldi Solar nearly tripled its Solar PV Module manufacturing capacity from 3 GW to 14.7 GW in the last 12 months and is also developing its solar cell manufacturing expansions in Surat, Gujarat. The company will continue to introduce high-efficiency solar PV modules and cells incorporating emerging technologies to meet India’s growing clean energy needs.

“Renewable energy in India is a massive sector, and there is an equally massive opportunity to build global-scale companies right here on our home ground. It is imperative that we back these companies to accelerate the country’s clean energy transition,” said Nikhil Kamath.
The investment comes amid rapid growth in domestic solar demand, supported by government targets of 280 GW of solar power by 2030, import duties on foreign modules, and incentives for local manufacturers under the Production Linked Incentive scheme.

Founded by Mr. Ishverbhai Dholakia in 2011, Goldi Solar is India’s largest solar module manufacturer, with 14 years of experience and state-of-the-art production facilities in Surat, Gujarat.

Meanwhile, India achieved a historic milestone of 100 gigawatts (GW) of solar PV module manufacturing capacity registered under the Approved List of Models and Manufacturers (ALMM), marking a significant leap in the country’s renewable energy journey.

Union Minister for New and Renewable Energy, Pralhad Joshi, called it a “remarkable rise” from just 2.3 GW in 2014, crediting Prime Minister Narendra Modi’s vision and initiatives like the Production Linked Incentive (PLI) Scheme for High-Efficiency Solar Modules. He said the achievement strengthens India’s path toward Atmanirbhar Bharat and its target of 500 GW non-fossil capacity by 2030.

The ALMM Order was issued by the Ministry of New and Renewable Energy (MNRE) on 02nd January 2019. The first ALMM list for solar PV modules was published on 10th March 2021 with an initial enlisted capacity of around 8.2 GW. In just over four years, this capacity has grown more than twelvefold, crossing the 100 GW mark.