responsAbility Invests up to USD 20 Million in Navitas Green to Back Expansion into Solar Cell Manufacturing
Zurich and Surat, 22 October 2026 – responsAbility is investing up to USD 20 million on behalf of its investors as growth capital in Navitas Green Solutions Private Limited (“Navitas”), a solar module manufacturer headquartered in Surat, India. The funding will support Navitas’s expansion into solar cell manufacturing, including a planned 2.2 GW cell facility in India. The investment is part of responsAbility’s Asia Climate Fund, which targets scalable private-sector solutions that deliver measurable CO₂ reduction and positive societal impact in high-growth markets.
Founded in 2013, Navitas has 2.2 GW of operational module capacity and an established presence in solar encapsulants. It also runs solar EPC and renewable power generation businesses in India and abroad, including utility-scale EPC projects in Africa. The company recently announced plans to invest approximately USD 1 billion over five years in Gujarat and Maharashtra to build an integrated platform spanning ingots, wafers, cells, modules, battery energy storage systems and renewable power generation.
The investment comes as India strengthens domestic renewable-energy manufacturing and reduces dependence on imported components, supporting the country’s target of achieving 500 GW of non-fossil fuel-based electricity capacity by 2030.
Jay Bathija, Principal, Climate Infrastructure Investments at responsAbility, said: “Navitas has established a strong track record in solar module manufacturing. Its expansion into cell manufacturing is a natural next step that will deepen integration across the solar value chain and can strengthen its long-term competitiveness. We are pleased to partner with Navitas as it aims to contribute to India’s clean energy and domestic manufacturing ambition.”
Vineet Mittal, Founder, Navitas, said: “We are pleased to welcome responsAbility as an institutional partner in the next phase of Navitas’s journey. Their investment is important not only as growth capital, but also because of the strong alignment between our long-term objectives. Our backward integration into solar cells will strengthen domestic supply chains and can create greater value addition within India. Our work in high-efficiency TOPCon technology and our partnership with Caelux on Perovskite-TOPCon Hybrid Tandem modules reflect our ambition to build advanced technologies that can compete globally. As we scale, we want Navitas to be measured not only by capacity and profitability, but also by how responsibly that growth is achieved.”
Centrum Capital has acted as the exclusive financial advisor to Navitas.
About Navitas Headquartered in Surat, Gujarat, and founded in 2013, Navitas has over a decade of experience in India’s solar industry. Its activities span solar module and encapsulant manufacturing, solar EPC and renewable power generation, with expansions under way in solar cell and BESS manufacturing and a growing international presence.
About responsAbility Investments AG responsAbility is a leading Swiss impact asset manager with deep expertise in private markets investing across emerging markets. The company provides debt and equity financing to financial institutions, enterprises and mid-market funds, designed to generate measurable positive outcomes for people and planet alongside competitive financial returns. Impact and ESG are embedded throughout the investment process and supported by active engagement. As of 30 June 2026, responsAbility manages USD 6 billion in assets invested in around 70 countries and works with institutional, private and public sector investors to invest capital at scale.
Founded in 2003, responsAbility has deployed more than USD 18.2 billion in impact investments. Since 2022, responsAbility has been part of M&G Investments, a business of M&G plc, a global savings and investments group with asset management and insurance capabilities and a long-term institutional ownership base.
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Richard Rogers
responsAbility Investments AG
+41 44 403 2151
media@responsability.com
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