Overview of Navitas Solar
Navitas Solar, founded in 2013 and based in Surat, India, is a leading solar panel manufacturer with a capacity of 2 GW per annum. The company, established by Vineet Mittal, Sunay Shah, Ankit Singhania, Aditya Singhania, and Saurabh Aggarwal, specializes in high-efficiency Mono PERC and TOPCon solar modules ranging from 40W to 720W per panel. Navitas Solar is notable for its backward and forward integration, with its subsidiary, Navitas Alpha Renewables Pvt. Ltd., producing solar encapsulants, and Navitas Planet Pvt. Ltd. offering comprehensive EPC services for various solar projects. Ranked among the top 10 Indian solar manufacturers by JMK Research & Analytics, Navitas Solar serves a diverse clientele across India and is expanding into global markets like the USA, Europe, and Africa. Committed to sustainability, the company is a CARBON NEUTRAL ORGANISATION and has received a “Silver” level for 2021 & 2022 under the UNFCCC’s ‘Climate Neutral Now’ initiative. Navitas Solar aspires to become the most trusted solar firm in India by 2025 and to collaborate with global leaders to advance solar energy solutions.
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| Name | Navitas solar |
| Date of Incorporation : | 2013 |
| Category | Private Limited Company |
| Industry | Power |
| Listing Status | Unlisted |
| Registered Address | Surat ,Gujarat |
| Date of Last AGM : | 26 Dec, 2022 |
| Segments | EPC, BoP and BTG,Equipment Manufacturers |
Timeline:
- 2013: Navitas Solar was founded by Vineet Mittal, Sunay Shah, Ankit Singhania, Aditya Singhania, and Saurabh Aggarwal in Surat, India.
- 2013-2016: Established itself as a leading solar panel manufacturer, specializing in high-efficiency Mono PERC and TOPCon solar modules.
- 2017: Expanded capacity to 2 GW per annum.
- 2018: Launched Navitas Alpha Renewables Pvt. Ltd., focusing on the production of solar encapsulants.
- 2019: Established Navitas Planet Pvt. Ltd. to offer comprehensive EPC services for solar projects.
- 2020: Ranked among the top 10 Indian solar manufacturers by JMK Research & Analytics.
- 2021-2022: Achieved “Silver” level under the UNFCCC’s ‘Climate Neutral Now’ initiative, becoming a CARBON NEUTRAL ORGANISATION.
- 2024: Expanding into global markets including the USA, Europe, and Africa. Aims to become the most trusted solar firm in India by 2025 and seeks collaborations with global leaders to advance solar energy solutions.
Vision:
Become India’s most trusted solar company by 2025.
Mission:
- Collaborate with top global solar companies for reliable, efficient products and services.
- Raise awareness and partner with like-minded organizations for a sustainable future.
Values:
- Dedication to a common goal.
- Continuous improvement of solar solutions.
- Transparent trade practices.
- Integrity with channel partners.
- Commitment to delivering the best value.
Achievements & Awards
India’s Renewable Energy Sector: Growth, Investments, and Future Goals
India’s renewable energy sector is rapidly expanding to meet its increasing energy demand and climate goals. As of early 2024, the country has 143.64 GW of renewable energy capacity, with solar power leading at 73.32 GW, having grown 26 times in the past 9 years. By March 2025, this capacity is expected to reach around 170 GW, with a goal of 450 GW by 2030, of which 280 GW will be solar. Investments in the sector are surging, with over 25,000 crore anticipated, and significant projects include a 30 GW solar-wind hybrid park in Gujarat. The government aims to achieve net-zero emissions by 2070 and 50% of electricity from renewables by 2030, with recent FDI inflows totaling 1,788 crore in the sector.
Product Portfolio
N-Type TOPCon Series
- High Efficiency: Over 22% efficiency for maximum power output.
- Enhanced Power Generation: Generates more power per watt than PERC panels.
- Bifacial Technology: Captures sunlight from both sides for increased energy production.
- Long Lifespan: Lower degradation ensures sustained performance.
Bifacial Series
- Dual-Side Power Generation: Produces up to 30% more power by capturing sunlight from both sides.
- Higher System Voltage: 1500V system reduces losses and installation costs.
- Ideal for Large Installations: Optimized for large-scale projects with better shading tolerance.
- High Performance: Module efficiency up to 20.98% with excellent temperature performance.
- Warranty: 12-year product warranty and 25-year performance warranty.
Bonito Series
- Top Performance: Engineered for superior reliability.
- Premium Materials: High-quality materials for exceptional value.
- Versatile Installations.
Key Features:
- High power output
- Improved shading tolerance
- Reduced Levelized Cost of Energy (LCOE), Efficiency up to 21.36%
Warranties:
- 10-year product warranty, 25-year performance warranty
Certifications: Complies with IS and BIS standards.
Navisol Series
- Performance & Reliability: Premium materials and strict quality control deliver high PV yield.
- 1500V System: Reduces ohmic losses, installation costs, and improves efficiency.
- Applications: Ideal for large-scale and rooftop installations.
Features:
- High power, anti-reflective glass, excellent performance in low-light and high temperatures
- Efficiency up to 17.24%, power tolerance up to 4.99W
Warranties:
- 10-year product , 25-year performance
Certifications: IEC & ISO compliant
Anora Series
- Performance & Reliability: High-quality materials ensure optimal PV yield and strict quality control.
- 1500V System: Cuts ohmic losses, reduces installation costs, and boosts efficiency.
- Applications: Ideal for large-scale, rooftop, and off-grid setups.
- Durability: Resistant to salt mist, ammonia, and PID risks.
- Efficiency: Up to 17.02% with positive power tolerance of 4.99W.
Warranties:
- 10-year product
- 25-year performance
Certifications: IEC & ISO compliant
EVA Sheets
Mission: Affordable solar energy to reduce carbon footprints.
Products:
- EVO EVA: 0.5 mm, 0.6/0.65 mm, UV & PID resistant for PV modules/MBB panels.
- EVO POE: Superior moisture barrier and insulation for sensitive cells.
Features: Low shrinkage, high peel strength, UV protection.
Warranty: 9 months (below 30°C, 60% humidity).
Certifications: Di Electric Strength, CTI, Yellowness Index, UL standards.
Services Offered
EPC Solar Services
- Comprehensive Solutions: Turnkey EPC services for rooftop and ground-mounted solar projects.
- Experience: 9+ years in residential, commercial, and utility-scale installations.
- Expertise: 30 years of industry knowledge with a skilled team.
- Integration: From EPA to solar modules and hybrid inverters.
Project Portfolio:
- 111 kWp rooftop (Pune)
- 210.6 kWp rooftop (Ashok Nagar)
Capabilities: Efficient, timely execution for diverse large-scale projects.
Solar RESCO Model
- Govt Support: Aligned with 175GW renewable energy target by 2022.
- Zero-Investment: Developer covers costs; consumers get solar energy at fixed rates via long-term contracts.
Benefits:
- No upfront investment
- Developer handles maintenance
- Govt subsidies
- Stable energy costs
Navitas Solar: Expertise with projects like a 14MWp rooftop solar installation.
Management
Aditya Singhania – Director of Engineering
Aditya Singhania is the Director of Engineering at Navitas Solar. With a strong background in engineering and extensive experience in the solar industry, he oversees the company’s engineering operations and projects. His role involves leading technical teams, ensuring the design and implementation of high-performance solar solutions, and driving innovation to enhance product efficiency and reliability. Aditya plays a key role in advancing Navitas Solar’s engineering capabilities and contributing to the company’s growth and success in the renewable energy sector.
…..
Vineet Mittal – Director of Finance & Strategy
Vineet Mittal is the Director of Finance & Strategy at Navitas Solar. He is responsible for overseeing the financial operations and strategic planning of the company. His role includes managing financial performance, developing long-term strategies for growth, and aligning financial goals with the company’s overall objectives. Vineet’s expertise in finance and strategic management supports Navitas Solar’s efforts in expanding its market presence, optimizing financial performance, and achieving its business goals. His strategic insights and financial oversight are crucial to the company’s success in the competitive renewable energy sector.
Navitas Solar’s CSR Initiatives
Navitas Solar actively contributes to education, environmental sustainability, and skill development through various CSR initiatives. Partnering with Ekal Vidhyalaya, the company supports tribal education across 140 villages in Gujarat, while a tree plantation project with Forest Creators has led to the creation of a dense forest in honor of Pulwama martyrs. Through collaborations with Round Table Foundation and Anil Naik Technical Training Centre, Navitas provides education and skill training for underprivileged children and dropouts, focusing on solar power technician skills. Their “JYOTI Initiative” raises awareness about sustainability, reaching over 900 students through lectures and industry visits, promoting SDGs like quality education and clean energy.
OFFICIAL PARTNERS
Navitas Solar Teams Up with Royal Challengers Bangalore for T20 2024
Navitas Solar, a premier solar panel manufacturer, has announced an exciting partnership with Royal Challengers Bangalore (RCB) as their official renewable energy partner for the T20 season 2024. This collaboration is set to shine a spotlight on sustainability, blending the high-energy world of cricket with the crucial message of renewable energy. Rajesh Menon from RCB emphasized the partnership’s potential to elevate sustainability awareness, while Saurabh Aggarwal of Navitas Solar expressed enthusiasm about the alliance’s role in enhancing brand visibility and supporting environmental goals. Established in 2013, Navitas Solar is renowned for its high-efficiency solar modules and boasts a 2 GW annual capacity. With subsidiaries like Navitas Alpha Renewables and Navitas Planet Pvt. Ltd., the company ranks among India’s top 10 solar manufacturers and is expanding globally. On the other hand, RCB, owned by Royal Challengers Sports Private Limited and a Diageo India subsidiary, continues to make waves in the IPL with a strong track record and recent acquisitions in the Women’s Premier League. The team’s philosophy of #PlayBold resonates with their innovative ventures, including fitness products and unique brand experiences, reinforcing their commitment to resilience and challenge.
Key Clients
SWOT Analysis
Strengths:
- Leading Manufacturer: One of India’s top solar panel manufacturers with a significant 2 GW annual production capacity.
- Backward & Forward Integration: Owns subsidiaries like Navitas Alpha Renewables for encapsulants and Navitas Planet Pvt. Ltd. for EPC services, enhancing supply chain control.
- High Efficiency Products: Specializes in advanced Mono PERC and TOPCon solar modules, providing high-efficiency solutions.
- Established Market Presence: Ranked among the top 10 Indian solar manufacturers and has a strong customer base including government and commercial enterprises.
- Sustainability Commitment: Recognized for carbon neutrality and sustainability initiatives, aligning with global clean energy trends.
Weaknesses:
- Geographic Concentration: Predominantly focused on the Indian market, with limited presence in international markets.
- High Competition: Faces stiff competition from other leading solar manufacturers and new entrants in the renewable energy sector.
Opportunities:
- International Expansion: Potential to grow in global markets such as the USA, Europe, and Africa.
- Increasing Demand for Renewables: Growing global emphasis on renewable energy presents opportunities for expansion and market penetration.
- Partnerships & Collaborations: Strategic partnerships like with Royal Challengers Bangalore enhance brand visibility and align with sustainability goals.
Threats:
- Market Competition: Intense competition from established and emerging solar companies could impact market share.
- Regulatory Changes: Changes in government policies or trade regulations could affect operations and profitability.
- Economic Fluctuations: Economic downturns or fluctuations could impact investment in renewable energy projects.
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