Nikhil Kamath Invests ₹137.5 Cr in Goldi Solar Amid India’s Clean Energy Push

Nikhil Kamath, co-founder of the brokerage Zerodha, announced a Rs 137.5 crore investment into solar PV module manufacturer Goldi Solar for an undisclosed stake on August 18.

The Gujarat-based company will use the fresh funding for expansion activities, a statement said.

"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," Kamath said.

According to Mint, Goldi Solar has increased its solar PV module manufacturing capacity from 3 gigawatts (GW) to 14.7 GW in 2024. The company in its statement said it is also developing its solar cell manufacturing expansions in Surat, Gujarat.

Incorporated in 2011 by Ishverbhai Dholakia, Goldi Solar is among India’s largest solar module manufacturers. It is now building large-scale solar cell manufacturing capacity to cater to both domestic and export markets.

Goldi Solar said that it “will continue to introduce high-efficiency solar PV modules and cells incorporating emerging technologies to meet the country's growing clean energy needs”.

Nikhil Kamath's investment in Goldi Solar comes at the time when competitor Vikram Solar has initiated the processes for its ₹2,000 crore initial public offering (IPO), according to PTI. The move comes amid continued surge in domestic solar demand.

The Indian government is targeting 280 GW of solar power by 2030, and has also policy interventions on the import duties on foreign modules, and incentives for local manufacturers under the Production Linked Incentive (PLI) scheme. All this has reportedly spurred actions and development in the sector.

According to Storyboard18, Nikhil Kamath has invested across sectors in startups such as NourishYou, LehLah, InCred Holdings, PeeSafe and Subko Coffee Roasters, among others.

(With inputs from PTI.)