Gujarat-based Navitas Solar is expanding its annual PV panel production capacity from 500 MW to 1.7 GW by the end of December this year. The new 1.2 GW facility will be equipped to produce M10 and G12 mono PERC and TOPCon modules. It is located at Sisodara village in Bharuch district of Gujarat.
Navitas Solar has raised $5 million to fund the expansion. The funding round saw participation from high-net worth individuals. Lead investors included promoters of Parishi Diamond Group and Lemon Emerging Ventures.
The company said with the expansion, it plans to export its products to the US and European countries.
At its existing 500 MW factory in Surat, Navitas Solar manufactures monocrystalline, polycrystalline and mono PERC solar modules ranging from 5 W to 600 W per panel.
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