Nikhil Kamath, co-founder of Zerodha, has made a significant investment of ₹137.5 crore in Goldi Solar, one of India's largest solar photovoltaic (PV) module manufacturers. This investment underscores Kamath's confidence in the renewable energy sector and his commitment to bolstering India's clean energy transition. The infusion of funds will enable Goldi Solar to expand its production capabilities and contribute to India's emergence as a global hub for renewable energy manufacturing.
Goldi Solar, founded in 2011 by Ishverbhai Dholakia, has rapidly grown to become a major player in the Indian solar industry. The company has state-of-the-art manufacturing facilities located in Surat, Gujarat. Over the past year, Goldi Solar has nearly tripled its module manufacturing capacity, increasing it from 3 GW to 14.7 GW. The company is also actively developing solar cell production facilities in Surat, further solidifying its position in the renewable energy sector. Goldi Solar plans to introduce new high-efficiency modules and cells utilizing emerging technologies to meet the escalating demand for clean power in India. The company aims to serve both domestic and export markets with its expanded production capacity.
Kamath's investment in Goldi Solar is strategically aligned with the Indian government's ambitious renewable energy targets. India aims to install 280 GW of solar power by 2030, as part of a broader goal to generate 50% of its energy from renewable sources. Government policies, such as import duties on foreign modules and incentives for local manufacturers under the Production Linked Incentive (PLI) scheme, are further driving domestic solar demand.
Kamath has consistently highlighted the significant potential of the energy transition sector as an investment opportunity. He has emphasized the importance of transitioning to renewable energy sources to support the growing adoption of electric vehicles and decarbonize India's energy grid. Kamath's previous investments in the clean energy space include Ather Energy, an electric two-wheeler manufacturer, and several climate tech startups through his venture capital fund, Gruhas. These startups include Ossus Biorenewables, Solar Square, Buyofuel, and EMO Energy.
The investment in Goldi Solar reflects Kamath's belief that renewable energy is a massive sector in India with substantial opportunities for building global-scale companies. He stated that it is imperative to support these companies to accelerate the country's clean energy transition. Kamath has also emphasized the importance of battery energy storage systems (BESS) for storing surplus energy and ensuring a stable energy supply from renewable sources.
In addition to his investments in the renewable energy sector, Kamath is also involved in initiatives to promote climate awareness and combat climate change. He collaborated with climate pioneers to allocate ₹50 lakh to a charity focused on combating climate change in India. He has also invested ₹172 crore in GreenLine Mobility Solutions, a green logistics operator that aims to decarbonize heavy trucking in India. GreenLine plans to deploy over 10,000 LNG and electric trucks and develop a nationwide network of refueling and charging stations. This initiative is projected to cut 1 million tonnes of carbon emissions annually.
Kamath's investment strategy reflects his understanding of the complexities and opportunities in the energy transition. He recognizes the critical role of renewable energy sources, such as solar, nuclear, and wind, in combating climate change. He also acknowledges the challenges involved in moving away from fossil fuels and the need for strategic planning and reforms to facilitate this transition effectively. Kamath's commitment to the renewable energy sector extends beyond financial investments. He actively promotes the adoption of green technologies and encourages companies to rethink how they operate to reduce emissions and enhance sustainability.
