Novitas Solar to invest Rs 10,000 crore in Maharashtra and Gujarat over five years
The solar module maker says the money will build an integrated renewable energy ecosystem across the two states, from ingots and wafers to battery storage and power generation.
Novitas Solar, one of India's leading solar module manufacturers, announced today that it will invest Rs 10,000 crore over the next five years. Under the investment, an integrated renewable energy ecosystem will be set up in Maharashtra and Gujarat.
According to the company, the planned investment will speed up expansion across its entire solar value chain, including ingots, wafers, high-efficiency solar cells and modules. The expansion will also extend to battery energy storage systems (BESS) and renewable energy generation.
The investment is an important step for Novitas Solar in moving from a company that only makes solar modules to an integrated clean energy company. The company wants to strengthen its presence in both the upstream and downstream parts of the renewable energy value chain. For this, it is focusing on building manufacturing capacity within the country, strengthening the supply chain and taking part in the development of large-scale renewable energy projects.
The company is no longer limited to manufacturing. It is also expanding into renewable energy generation and energy storage. In Maharashtra, Novitas Solar is developing two solar parks under the EPC and independent power producer (IPP) models, with capacities of 200 MW and 25 MW respectively. In Gujarat, the company is entering energy storage by setting up a 5 GWh battery energy storage project in Vadodara. The company says this will add to its strength in the clean energy ecosystem.
Novitas Solar director Ankit Singhania said, "India's renewable energy journey is reaching a unique juncture, where the scale of work, technology and supply chains will play a decisive role in determining the competitiveness of this sector. At Novitas Solar, we want to take an active part across the entire value chain and build capabilities, so that we can make a significant contribution to India's clean energy transition. Our planned investment of Rs 10,000 crore over the next five years reflects this ambition. Alongside manufacturing capacity, we are also investing in the technologies and infrastructure that will shape the next phase of India's renewable energy ecosystem."
The planned investment builds on Novitas Solar's existing manufacturing base. The company has an annual solar module manufacturing capacity of 3 GW. It makes high-efficiency solar modules using TOPCon and bifacial mono PERC technology. It has backward-integrated its solar encapsulant business through Novitas Alpha, and has expanded its renewable energy portfolio through subsidiaries such as Novitas Planet.
The company's EPC business also runs alongside India's utility-scale renewable energy projects. To execute utility and IPP-level projects, this business is also expanding its presence in the South Africa region.
