Domestic solar components manufacturer Goldi Solar on Monday said it will invest Rs 750 crore to expand capacity to 2,500 MW from 500 MW by the end of the current fiscal. The expansion will be completed in two phases – reaching 1,000 MW by Q2 of FY22 and the remaining over the following two quarters, the Surat-based company said.
“The facility expansion comes amid growing global demand for better technology and value from the solar panels,” said Bharat Bhut, cofounder and director of Goldi Solar. India relies on imported solar equipment for more than 85% of its needs. But with sentiment against imports growing fast, the sector offers a good opportunity for players like Goldi Solar to fill the gap.