Goldi Solar
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.
- Company typePrivate
- Founded2011
- HeadquartersSurat, India
- Headcount5,001–10,000
- GTM typeB2B
- OfferingHardware or Manufacturing
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.
Goldi Solar firmographics
Firmographics- Name
- Goldi Solar
- Legal name
- Goldi Solar Pvt Ltd
- Website
- https://goldisolar.com
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 5,001–10,000 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
Goldi Solar industry classification
Industry- Product category
- Solar PV Modules
- NAICS
- Solar Electric Power Generation (221114)
- akta.pro primary industry
- Solar PV Module Manufacturing (Cells, Modules, Thin-Film) (EUAMABAD)
Keywords
Where Goldi Solar is headquartered
LocationHeadquarters
- HQ city
- Surat
- HQ country
- India
- HQ region
- Asia
Offices6 records
Markets served
Goldi Solar business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Solar Module and Panel Sales: Sale of manufactured solar PV modules including HJT, TOPCon N-Type, and bifacial products
- EPC Services: Engineering, Procurement, and Construction services for solar project installation and deployment
- Independent Power Producer (IPP) Operations: Operating as an IPP generating and selling power from solar installations
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Multi-year contract | Project-based quotation |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels5 records
Goldi Solar product offering
Product offeringCore 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
Companies that use Goldi Solar
Customer profileNamed customers7 records
Segments4 records
Ideal customer profiles4 records
Goldi Solar technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability1 record
Feature5 records
Goldi Solar partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered minor and core.
- L&T Public Charitable TrustminorCSR partnership for skill development training programs, supporting workforce development in the solar energy sector.
- SRK Knowledge FoundationminorCSR partnership for solarization of Dudhala village, demonstrating commitment to rural electrification and community development.
- Mumbai IndianscoreOfficial 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
Goldi Solar competitors and assessment
Company assessmentDirect 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
Goldi Solar social profiles
Digital presenceGoldi Solar compliance and trust
Trust signalCompliance7 records
Goldi Solar financial estimates
Financial estimateRevenue estimate
Valuation estimate
Goldi Solar leadership team
Management profileNumber of profiles
Profiles4 records
Goldi Solar funding detail
Funding detailFunding overview
Funding rounds3 records
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Goldi Solar M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Goldi Solar
What does Goldi Solar do?
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.
Is Goldi Solar a public or private company?
Goldi Solar is a private company. It is classified as venture growth investor backed and is currently operating.
When was Goldi Solar founded?
Goldi Solar was founded in 2011. It employs 5,001 to 10,000 people.
Where is Goldi Solar based?
Goldi Solar is headquartered in Surat, India, in the Asia region.
How does Goldi Solar make money?
Three revenue lines are on record. Solar Module and Panel Sales are the primary driver. The others are EPC Services and independent Power Producer (IPP) Operations.
Who are Goldi Solar's main competitors?
Direct peers on record are Waaree Energies, Jakson Group, Vikram Solar, Adani Solar, Tata Power Solar Systems, Premier Energies, Emmvee Solar and RenewSys Solar. JinkoSolar is listed as a broad incumbent. Saatvik Solar is listed as an emerging player.
Does Goldi Solar have an API?
No public API is recorded for Goldi Solar.
What industry is Goldi Solar in?
Goldi Solar's product category is Solar PV Modules. Its primary akta.pro industry code is EUAMABAD, Solar PV Module Manufacturing (Cells, Modules, Thin-Film). Its NAICS code is 221114.