Wealthy entrepreneur Nikhil Kamath commits an investment of Rs 137.5 crore towards Goldi Solar, a business in Gujarat.
In a significant development for the renewable energy sector in India, Goldi Solar, a leading producer of high-efficiency solar modules based in Surat, has announced plans to expand its operations. The company, founded in 2011, has been on a rapid growth trajectory in recent years, and its latest move is aimed at serving both the domestic and export markets.
Goldi Solar's state-of-the-art facilities in Surat, Gujarat, are set to undergo a transformation as the company embarks on the development of large-scale solar cell manufacturing facilities. This expansion is expected to accelerate production and position Goldi Solar as a global player in the renewable energy sector.
Nikhil Kamath, co-founder of Zerodha, has recently invested Rs 137.5 crore in Goldi Solar. Kamath's investment aims to bolster the company's ambitions, as he sees an equally massive opportunity to build global-scale companies in India's renewable energy sector.
The domestic solar demand in India is surging, driven by the target of installing 280 GW of solar power by 2030. This ambitious goal, part of India's broader decarbonization efforts, aligns perfectly with Goldi Solar's mission. The company's expansion into solar cell production is a testament to its commitment to supporting India's renewable energy sector and its pledge to help the country achieve net-zero emissions by 2070.
Government measures such as import duties on foreign modules and incentives under the Production Linked Incentive scheme have encouraged local manufacturing, creating a favourable environment for companies like Goldi Solar to thrive. The company's solar PV module manufacturing capacity has nearly tripled over the past year, rising from 3 GW to 14.7 GW.
Nikhil Kamath believes it is important to back companies like Goldi Solar to accelerate India's clean energy transition. His investment in the company, made in June 2024, is expected to further boost Goldi Solar's production expansion.
With its expansion into solar cell production, Goldi Solar is poised to make a significant impact in the renewable energy sector, both in India and globally. As the country moves towards its renewable energy goals, companies like Goldi Solar will play a crucial role in powering the future.
Read also:
- Accident at Rodalben Results in Injuries; Geoskop Area near Kusel Affected After Stormy Weather
- Acquisition of Resilience Startup Alteia by GE Vernova Unveiled
- Army attack in Darfur results in at least 12 fatalities, according to observers
- Rapid diagnostic test using a brief swab of the cheek may identify life-threatening heart condition in pediatric patients, as asserted by medical professionals.
