Surat-based private equity and venture investment firm Parishi Capital has invested $4.7 million (~₹404.8 million) in Navitas Solar to expand its solar module manufacturing plant in Ahmedabad, Gujarat, to a 2.5 GW capacity.

The transaction was completed in two tranches, with the first tranche of funding raised in 2023.

Navitas, which had a manufacturing capacity of 1.7 GW earlier, plans to raise funds from Parishi via a third round to establish a 3 GW solar cell manufacturing plant by 2026.

Navitas offers services in solar module and ethylene-vinyl acetate sheet manufacturing. It also provides services under the engineering, procurement, and construction and renewable energy service company models.

Parishi Capital plans to invest $10 million (~₹861.47 million) to $15 million (~₹1.29 billion) in renewable energy projects, including recycling companies, over the next two years.

Besides Navitas, Parishi Capital has invested in multiple renewable energy companies, including Solnce, Apollo Green, Vikram Solar, BatX Energy, and Zero Circle.

It has completed investments in over 80 companies and manages assets exceeding $43 million (~₹3.7 billion).

According to Mercom’s State of Solar PV Manufacturing in India 2025 report, India added 25.3 GW of solar module capacity and 11.6 GW of solar cell capacity in 2024. The manufacturing capacity additions in 2024 were primarily driven by demand from the solar project pipeline and the reimposition of the Approved List of Models and Manufacturers order from April 2024.

Total global corporate funding for the solar sector dropped by 39% year-over-year to $10.8 billion in the first half of 2025 from $17.6 billion, according to Mercom India’s 1H and Q2 2025 Solar Funding and M&A Report. The number of deals also decreased by 11% to 78 deals from 88 during the same period last year. The report attributed the dip in solar funding to policy uncertainties in the U.S., stemming from regulatory shifts under the Trump administration.