Entrepreneur and investor Nikhil Kamath, co-founder of online stock broking firm Zerodha, has invested ₹1.37 billion (~$15.68 million) in solar module manufacturer Goldi Solar.

The investment will enable Goldi Solar, with manufacturing facilities in Gujarat, to expand its solar module production capacity.

Goldi Solar said it has nearly tripled its module manufacturing capacity from 3 GW to 14.7 GW in the last 12 months. It is also expanding its solar cell manufacturing in Surat, Gujarat.

According to the latest Approved List of Models and Manufacturers (ALMM) update, Goldi Solar has added 2,675 MW, bringing its total capacity under ALMM to 7,263 MW.

The company will continue to introduce high-efficiency solar PV modules and cells incorporating emerging technologies to meet India’s growing clean energy needs.

Nikhil Kamath said supporting renewable energy companies is imperative, considering the massive opportunity to build global-scale companies in India and accelerate the country’s clean energy transition.

India recently achieved the 100 GW milestone of solar module manufacturing capacity under ALMM. Enhancing domestic solar manufacturing capacity is key to India reaching its 280 GW solar installed capacity goal by 2030.

Upon crossing the 100 GW mark, Union Minister of New and Renewable Energy Pralhad Joshi commented that the first ALMM for solar modules was released on March 10, 2021, with a capacity of around 8.2 GW. ‘In just over four years, the capacity has grown more than twelvefold, surpassing the 100 GW mark,” he said.

From a module manufacturing capacity of just 2.3 GW in 2014, India’s solar manufacturing sector has grown significantly and reduced the country’s reliance on imports. Government support in the form of programs like the Production Linked Incentive has spurred the growth of the sector.

To boost the production of indigenously manufactured solar cells, the Ministry of New and Renewable Energy has mandated that solar cells will also be brought under the ALMM’s ambit from June 2026.

India added 25.3 GW of solar module capacity and 11.6 GW of solar cell capacity in calendar year 2024, according to Mercom’s State of Solar PV Manufacturing in India 2025 report.