Nikhil Kamath invests Rs 137.5 Cr in Goldi Solar

Goldi Solar, a solar photovoltaic (PV) module manufacturer, has raised Rs 137.5 crore from Zerodha co-founder Nikhil Kamath.

The proceeds will be used for its  expansion into solar cell production, Goldi Star said in a press release.

Established in 2011 by Ishverbhai Dholakia, Goldi Solar manufactures solar PV modules, with a significant presence in India and global exports to over 20 countries. The company Goldi has a large module manufacturing capacity, currently at 14.7 GW, and is expanding its cell manufacturing capabilities as well.

Besides module manufacturing, the Surat-based company also offers Engineering, Procurement, and Construction (EPC) services for solar projects. It is involved in Corporate Social Responsibility (CSR) initiatives, including supporting educational institutions and providing mid-day meals for students.

Goldi Solar claims to have increased its module manufacturing capacity from 3 GW to 14.7 GW in the last 12 months. The company is also focused on backward integration with plans to establish a large-scale cell manufacturing facility by 2026. It aims to achieve a 1 GW Solar Park (IPP) by FY 2025-26.

According to the company, it will focus on introducing high-efficiency modules and advanced cell technologies, targeting both domestic and export markets.

For the fiscal year ending in March 2024, Goldi Solar reported Rs 1756.36 crore in revenue with a profit of
Rs 59.38 Cr. The company has yet to file its annual report for FY25.

“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, co-founder of Zerodha.