Navitas Solar to invest over $1 billion in clean energy expansion

India's privately owned solar modules maker Navitas Solar said on Thursday it plans to invest 100 billion rupees ($1.04 billion) over the next five years in Gujarat and Maharashtra to build an integrated clean energy business.

Here are some more details from the company's statement:

The investment will fund expansion into solar ingots, wafers, cells and modules, as well as battery energy storage systems and renewable power generation.


The company said it is already building a 2.4 gigawatt solar cell plant in Sisodara, Gujarat. The first phase, involving about 12 billion rupees of investment, is targeted to start operations by July 2027.

It also plans a 5 gigawatt-hour battery storage facility in Vadodara.

In the state of Maharashtra, Navitas is developing 200-megawatt and 25-megawatt solar parks.

Navitas currently has 3 GW of annual solar module manufacturing capacity, and said the expansion would broaden its presence in India's clean energy sector.