Goldi Solar

What Goldi Solar does

Goldi Solar (legal entity Goldi Solar Pvt Ltd, formerly Goldi Green Technologies Pvt Ltd) is an Indian solar PV module manufacturer and EPC service provider headquartered in Surat, Gujarat, and founded in 2011. The company manufactures photovoltaic solar modules in capacities ranging from 435 Wp to 710 Wp across PERC, TOPCon N-Type, and Heterojunction (HJT) cell technologies, organized under three sub-brands: Heloc Pro (mono/bi-facial, M10 wafer, up to 560 Wp, 21.70% efficiency), Heloc Plus (HJT bifacial, 132-cell N-type, up to 22.85% efficiency and 710 Wp), and TOPCon N-Type bi-facial modules for backward integration. Manufacturing capacity stands at 15.2 GW across three facilities near Surat (Navsari, Nana Borsara, Kosamba), with annual production of 14.7 GW and plans to scale past 20 GW module plus 16 GW cell by FY28.

The company operates a vertically integrated solar platform across three revenue streams: (1) hardware sales of manufactured modules, (2) EPC services covering design, installation, commissioning, and O&M with SCADA monitoring for residential, commercial, industrial, and agricultural customers, and (3) IPP operations involving captive solar generation under long-term PPAs (30 MW completed to date, primarily in Gujarat). Pricing is quote-based, not publicly disclosed, and structured around project specifications and capacity. Distribution is multi-channel: direct enterprise sales for large EPC projects, an extensive domestic channel partner/distributor network, international distribution across 20+ countries, and a website-based solar calculator for SMB/residential leads. Financing for MSME customers is enabled through a Yes Bank partnership.

Goldi Solar serves utility-scale power generators, commercial and industrial customers (textile, chemical, mining, food processing, aviation, and government clients including Vadodara Airport), and a long tail of residential and agricultural users — with 25,100+ EPC customers served cumulatively. The customer base includes Atha Group, Avadh Group, LS Mills, Galaxy Surfactants, Sheetal Cool Products, and Vadodara Airport. The company is privately held, led by founder and Managing Director Ishver Dholakiya with a co-founder Director (Bharat Bhut) and an 8,000+ workforce. It is backed by Havells India (~9% strategic stake since April 2025) and a consortium of HNI/strategic investors following a ₹1,422 crore growth round in October 2025, and is preparing for a potential ~$350 million IPO in 2026.

Name

Goldi Solar

Legal name

Goldi Solar Pvt Ltd

Website

https://goldisolar.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

10,001+ employees

Short description

Goldi Solar is an India-based solar PV module manufacturer and EPC service provider founded in 2011, operating 15.2 GW of module capacity across Surat, Gujarat and serving utility, commercial & industrial, agricultural, and residential customers in 20+ countries.

Ownership category

akta.pro rank

Product category

Solar PV Modules

NAICS

Solar Electric Power Generation (221114)

akta.pro industry

PRIMARYEUAMABAD

Solar PV Module Manufacturing (Cells, Modules, Thin-Film)

Energy, Utilities & Environment/Renewable Energy (Solar, Wind, Hydro & Geothermal)/Solar Energy (PV, CSP, Rooftop & Utility-Scale)

Keywords

• Solar PV modules
• Solar EPC services
• Renewable energy manufacturing
• Heterojunction solar cells
• Solar power solutions

Headquarters

HQ city

Surat

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Solar Module and Panel Sales: Sale of manufactured solar PV modules including HJT, TOPCon N-Type, and bifacial products
2. EPC Services: Engineering, Procurement, and Construction services for solar project installation and deployment
3. Independent Power Producer (IPP) Operations: Operating as an IPP generating and selling power from solar installations

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Goldi Solar manufactures high-efficiency solar PV modules (Heloc Pro, Heloc Plus, and TOPCon N-Type series) using PERC, HJT, and N-Type cell technologies at a 15.2 GW manufacturing capacity. The company also provides end-to-end Engineering, Procurement, and Construction (EPC) services including rooftop and ground-mounted solar installations, solar water pumps, and Independent Power Producer (IPP) solutions. As India's first AI-powered solar PV module manufacturer, Goldi Solar serves commercial, industrial, utility, agricultural, and residential customers across 20+ countries.

Product overview

Goldi Solar is India's first AI-Powered Solar PV Module Manufacturer and one of India's largest solar module makers. The company operates a platform-plus-modules architecture with core solar PV module manufacturing (currently 15.2 GW capacity) at the center, supported by three sub-branded product lines: Heloc Pro (mono/multi busbar modules up to 560 Wp), Heloc Plus (HJT bifacial modules up to 710 Wp), and Topcon N-Type bi-facial modules for backward integration. The portfolio extends to complementary products including Vama inverters, and services encompassing EPC (engineering, procurement, construction with O&M), solar water pumps, and IPP (Independent Power Producer) solutions. The company also offers a digital Solar Calculator tool for prospective customers. Goldi Solar has expanded from 3 GW to 15.2 GW manufacturing capacity in recent years and is planning to scale to over 20 GW by FY28.

Differentiator

Problem solved

Functional benefit

Brands

• Heloc Pro: High Efficiency Low on Carbon (HELOC) module series featuring mono-facial and bi-facial modules with M10 wafer size.
• Heloc Plus
• Goldi Solar Foundation

Products and services

• Solar PV Modules Goldi Solar manufactures photovoltaic solar modules with capacities ranging from 435 Wp to 710 Wp, including mono-facial and bi-facial variants using PERC, TOPCon N-Type, and HJT technologies for utility, commercial, industrial, and residential customers.
• Heloc Pro Module Series High-efficiency mono-facial and bi-facial solar module series with M10 wafer size, offering up to 560 Wp power output and 21.70% efficiency using half-cell structure with multi-busbar technology.
• Heloc Plus Module Series High-efficiency heterojunction bifacial half-cut cell module series featuring 132-cell N-type silicon wafer technology with up to 22.85% efficiency and 710 Wp power output.
• Vama Inverters Solar inverters offered as part of Goldi Solar's product portfolio to provide complete solar energy system solutions alongside PV modules.
• EPC Services Engineering, Procurement, and Construction services including solar project design, installation, commissioning, and operations & maintenance with SCADA monitoring for residential, commercial, industrial, and agricultural sectors.
• Solar Water Pumps AC and DC solar-powered water pumps for agricultural irrigation, rural and urban water supply, community projects, and industrial applications, eliminating dependency on unreliable grid power.
• IPP Solutions Independent Power Producer solutions providing captive solar solutions for organizations through long-term Power Purchase Agreements (PPAs); completed 30 MW of solar projects across Gujarat.
• Solar Module Manufacturing PV module manufacturing with current capacity of 15.2 GW across three facilities near Surat, Gujarat, with expansion plans to exceed 20 GW by FY28 including backward integration into cell production.
• TOPCon N-Type Bi-facial Solar Modules High-efficiency bi-facial TOPCon N-Type solar modules being developed for backward integration, with 1.2 GW cell capacity facility under setup.
• 520-550 Wp Mono PERC DCR Solar Modules Mono PERC DCR (Domestic Content Requirement) solar modules in the 520-550 Wp power range designed for the Indian market to meet local content requirements.

Quantifiable outcome

• Module efficiency up to 22.85%
• +2 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature5 records

Partnerships

Three partnerships are on record, tiered minor and core.

• L&T Public Charitable TrustminorOthersCSR partnership for skill development training programs, supporting workforce development in the solar energy sector.
• SRK Knowledge FoundationminorStrategic or Co-development PartnerCSR partnership for solarization of Dudhala village, demonstrating commitment to rural electrification and community development.
• Mumbai IndianscoreGTM or Marketing PartnerOfficial partner sponsorship with Mumbai Indians cricket team, providing brand visibility through IPL sponsorship and marketing activities.

Scale indicators8 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Waaree Energies: India's largest solar PV module manufacturer with 12+ GW capacity, listed on Indian stock exchanges. Direct competitor across module manufacturing, EPC, and IPP segments with overlapping technology (TOPCon, bifacial) and customer segments in India.
• Jakson Group: Indian solar EPC and module manufacturer with multi-GW capacity, active in utility-scale, C&I, and IPP segments. Direct competitor with a similar integrated business model spanning manufacturing and project execution.
• Vikram Solar: Established Indian PV module manufacturer with multi-GW capacity producing high-efficiency modules (TOPCon, bifacial). Direct competitor in module manufacturing and EPC, with similar end-customer mix in utility-scale and C&I segments.
• Adani Solar: Vertical-integrated solar manufacturing arm of the Adani Group with multi-GW module and cell capacity. Directly comparable across PV module manufacturing, EPC services, and large-scale project development, backed by the deep capital of the Adani conglomerate.
• Tata Power Solar Systems: Solar manufacturing and EPC subsidiary of Tata Power, with cell + module manufacturing and large-scale project execution. Comparable across the full value chain — modules, EPC, and IPP — with brand strength from the Tata Group.
• Premier Energies: Indian solar cell and module manufacturer with multi-GW TOPCon and bifacial capacity, recently listed on Indian markets. Direct competitor in cell+module manufacturing, benefiting from the same PLI policy tailwinds as Goldi.
• Emmvee Solar: Indian PV module manufacturer and EPC player with significant capacity serving utility and C&I customers. Directly comparable across module manufacturing and project execution, though smaller in scale than Goldi.
• RenewSys Solar: Indian manufacturer of solar PV modules, cells, and encapsulants with global presence. Direct peer across PV module manufacturing with comparable technology portfolio and international distribution footprint.

Broad incumbents

• JinkoSolar: World's largest solar module manufacturer by volume with vertically integrated cell+module production and global distribution. While not India-based, it is the dominant global incumbent that competes with Goldi in both Indian and export markets, setting benchmark pricing and technology standards.

Emerging players

• Saatvik Solar: Indian solar module manufacturer expanding TOPCon and bifacial capacity with PLI scheme support. Emerging peer with overlapping product portfolio and customer segments, though smaller scale and more recent market entry.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/goldisolar
• YouTubeyoutube.com/channel/UCueiJvmytjFTkfRMyI15wTA
• Facebookfacebook.com/goldisolar
• LinkedInlinkedin.com/company/goldi-solar-private-limited
• Instagraminstagram.com/goldisolar

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds3 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Goldi Solar