PVTIME – India’s solar manufacturing sector has received a significant boost from two strategic investments, strengthening its efforts to reach a renewable energy capacity of 500GW. Private equity firm Parishi Capital and newcomer True Power are both scaling up production.
Parishi Capital, based in Surat, has invested $4.7 million (approximately ₹404.8 million) in Navitas Solar, scaling up the latter’s solar module factory in Ahmedabad, Gujarat, from 1.7GW to 2.5GW. The investment was made in two phases, the first of which took place in 2023. Navitas aims to secure further funding from Parishi to construct a 3GW solar cell factory by 2026. Parishi plans to invest $10–15 million (approximately ₹861 million–₹1.29 billion) in renewable energy, including recycling, over the next two years. Its portfolio comprises over 80 companies, including Solnce and Apollo Green, with assets totalling over $43 million (₹3.7 billion).
Meanwhile, Lucknow-based True Power is entering the manufacturing sector with a ₹1 billion (approximately $11.6 million) 1GW TOPCon module plant in Barabanki, Uttar Pradesh. It is set to start production within six months using fully automated lines. Previously, True Power supplied grounding components and solar mountings, with its galvanised supports suited to rooftop and ground projects.
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