Business tycoon Nikhil Kamath pours Rs 137.5 crore into Goldi Solar, a solar firm based in Gujarat.
India's Goldi Solar Expands with Rs 137.5 Crore Investment
In a significant move for India's renewable energy sector, Goldi Solar, a leading producer of high-efficiency solar modules, has received a substantial investment of Rs 137.5 crore from Nikhil Kamath, co-founder of Zerodha. This investment comes amidst a surge in domestic solar demand and aims to bolster Goldi Solar's ambitions to become a global renewable energy player.
Goldi Solar's next phase of growth includes the development of large-scale solar cell manufacturing facilities. The company's state-of-the-art facilities are located in Surat, Gujarat, India, where it plans to extend into solar cell production to serve both domestic and export markets.
The surge in demand is driven by India's goal to install 280 GW of solar power by 2030. Goldi Solar's expansion aligns with India's broader decarbonization goals and its mission to contribute to India's pledge to achieve net-zero emissions by 2070.
The large-scale solar cell factories developed by Goldi Solar have nearly tripled over the past year, with a solar PV module manufacturing capacity of 14.7 GW, up from 3 GW. This expansion is expected to be accelerated by Nikhil Kamath's investment.
The investment and expansion are also encouraged by government measures such as import duties on foreign modules and incentives under the Production Linked Incentive scheme. These initiatives have fostered local solar manufacturing in India, creating a massive sector that Nikhil Kamath believes offers an equally massive opportunity to build global-scale companies.
Nikhil Kamath's investment in Goldi Solar is not just a financial move but a strategic one. He believes it is important to back companies like Goldi Solar to accelerate India's clean energy transition. The co-founder of Zerodha sees a bright future for renewable energy in India and beyond, making Goldi Solar's mission to become a global renewable energy player all the more significant.
In conclusion, Goldi Solar's expansion, spurred by Nikhil Kamath's investment, is a testament to the growing importance of renewable energy in India and the opportunities it presents for companies like Goldi Solar to make a global impact. As India moves towards its goal of net-zero emissions, companies like Goldi Solar will play a crucial role in powering the country's clean energy future.
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