Fueling the U.S. Energy Transition: Strategic Partnership Announcement Between Navitas Solar, Sustainable Equity, and Colby Solar

23 Aug 2023

• The U.S. solar photovoltaic (PV) sector has been surging over the last several years. From a cumulative capacity of 32.96 gigawatts (GW) in 2016, America's solar industry has soared to a staggering 111.25 GW by the end of 2022, underscoring an impressive Compound Annual Growth Rate (CAGR) of 22.5%. This unprecedented growth attests to an unwavering national commitment to embrace clean and sustainable energy sources.
• Indian-based Navitas Solar, established in 2013, celebrates a decade of achievements in the solar industry. The company stands out with its backward and forward integration and is recognized among India's top 10 solar manufacturers.
• Together with Sustainable Equity and Colby Solar, Navitas is poised to announce a transformative partnership in the North American solar landscape, a 1.2 GW solar manufacturing facility with growth toward 10 GW within a few years. The details will be unveiled on September 13th at RE+ in Las Vegas, NV.

LAS VEGAS, Aug. 21, 2023 /PRNewswire/ -- In light of the bright solar sector outlook in the United States and multiple State-level leadership initiatives, the current market environment is better than ever. One example is the State of Illinois' pioneering Clean Energy Jobs Act (CEJA) legislation. This groundbreaking initiative signifies a transformative step towards a greener and more sustainable future and features strong equitable workforce development incentives for renewable energy companies in Illinois.   

"The CEJA legislation, with its comprehensive approach to advancing clean energy, renewable resources, and environmental equity and inclusion, aligns with our core values and commitment to promoting clean energy and innovative solutions," said Lloyd Wynn of Colby Solar.

"These favorable conditions create the perfect breeding ground for new business alliances, such as our new strategic partnership with Navitas Solar," said Byron DeLear, Chief Executive Officer and Head of Impact and Sustainability for Sustainable Equity. "We are very proud to introduce 'Navitas USA by Colby,' the first majority Black-owned solar manufacturing facility in the United States, a 1.2 GW operation with plans to grow to 10 GW within a few years."

Navitas Solar Celebrates a Decade of Solar Excellence and Vision for the Future

Navitas Solar, a leading player in India's solar energy market, today takes a moment to reflect on its journey since its inception on February 13th, 2013. Founded by five visionaries — Vineet Mittal, Sunay Shah, Ankit Singhania, Aditya Singhania, and Saurabh Aggarwal — the company has grown to become one of India's foremost solar panel manufacturers.

"The journey of our company is a testament to our unyielding commitment to excellence. Each milestone underscores our drive for success while making positive social and environmental impacts," says Vineet Mittal, Co-Founder and Director of Navitas Solar. "In 2014, we embarked on that path by acquiring land and building our dedicated module manufacturing unit. By 2015, we were producing with an initial capacity of 75 MW per year, and we also established our EPC office in Pune, India. Our manufacturing has expanded to 1.7 GW module production capacity per year and will reach 5 GW annually within the next five years."

A remarkable feature of Navitas Solar is its mastery in backward and forward integration, a rarity in the industry.

"In 2019, we formed a strategic partnership with Alpha Plastomers producing Ethylene-Vinyl Acetate (EVA) sheets, a key component needed for solar module manufacturing," explained Mittal. "The subsidiary, Navitas Alpha Renewables Pvt. Ltd. (NARPL), achieved an 800 MW annual production capacity in 2021 and has increased to an impressive 1.5 GW per year by 2023, and this showcases our ongoing dedication and progress toward further vertical integration."

Navitas Solar Goes Global With Key Partners

Navitas Solar is now expanding its global footprint and has established a strategic collaboration in the U.S. with key local partners including Sustainable Equity, Colby Solar, Pruitt & Associates, and Energized Ventures with support from law firms Husch Blackwell, Bricker Graydon, and consultants Attracting Resources. This partnership aims to bolster Navitas Solar's international presence by distributing Navitas Solar modules in North America through a new entity, Geosol Global Distribution, and manufacturing U.S.-made modules through its 1.2 GW facility under development in the American Midwest. 

An Exciting Revelation in the North American Solar Sector Awaits during RE+ Las Vegas - September 13, 2023

Navitas Solar, a trailblazer in renewable energy, stands on the brink of heralding a new era for the North American solar landscape. The new entity "Navitas USA by Colby" will bring global manufacturing excellence, product innovations, and a local customer-centric approach to North America. This new alliance's intricate details and its implications will be exclusively disclosed in the framework of RE+ in Las Vegas. Press representatives and key industry players are cordially invited you to join the top-level evening reception on September 13 in Las Vegas, where the partners will be unveiling their latest venture and collaborations that promise to reshape the future of solar energy in North America.