Havells India to invest ₹600 crore in Goldi Solar

Indian electrical equipment company, Havells India, has announced a binding agreement to invest Rs 600 crore (US$ 70 million) in Surat-based Goldi Solar, a PV module manufacturing company.

Havells India is a leading manufacturer of electrical appliances, lighting solutions, cables and wires for domestic, commercial and industrial applications.

The Noida-based company already plays a part in the solar sector, providing products like cables and switchgears. It is now looking to expand further in solar energy, focusing on renewable energy generation, storage, distribution, and consumption, which this investment in Goldi Solar will help.

Founded in 2011, Goldi Solar is a leading solar panel manufacturer and EPC service provider, with a manufacturing capacity of 2.5 GW in FY23. 

Recently, Goldi Solar launched India’s first AI-powered solar manufacturing facility in Surat, with 14 GW of planned production capacity. AI technology will help in quality control and detect and eliminate defects at a microscopic level.

Havells India’s investments in Goldi Solar will give them approximately 10% stake and much-needed capabilities to expand their solar energy endeavours. 

India has emerged as a global leader in solar energy over the past decade, driven by the twin goals of energy security and climate action. 

The country added 23.83 GW of solar energy capacity in FY 2024–25, a significant increase over the 15.03 GW added in the previous year. The total installed solar capacity now stands at 105.65 GW, including 81.01 GW from ground-mounted installations and 17.02 GW from rooftop solar. 

The growth demonstrates continued uptake of solar energy, with states like Rajasthan, Gujarat, Tamil Nadu, and Karnataka being leaders due to their geographic advantages and supportive policies.

India has launched multiple solar parks with capacities ranging from 500 MW to 5,000 MW across the country, including some of the world’s largest. 

The proliferation of rooftop solar in India has been gaining momentum in the last few months, thanks to schemes such as PM Surya Ghar: Muft Bijli Yojana (PMSGMBY), touted as the world’s largest domestic rooftop solar initiative.