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

• 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, Nevada -- August 16, 2023 -- 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.

Date: September 13, 2023
Venue: Ceasars Palace Las Vegas
Time: 5pm - 8pm

For event information, please contact: info@navitasusabycolby.com

This is more than just an announcement; it's a commitment to a greener and more equitable future, and we want you to be a part of this historic moment. Your presence will not only amplify our message but also play a pivotal role in disseminating this significant development to the world.

To learn more about this project, please watch the Navitas USA by Colby Announcement Video: https://vimeo.com/853858152?share=copy

NAVITAS GREEN SOLUTIONS PVT. LTD.

Plot no B-20/3, Road no 13-14,

Hojiwala Industrial Estate, Sachin Palsana-Highway,

Surat-394230, Gujarat, India

Presscontact: info@navitasusabycolby.com

About Navitas Solar

Established on February 13th, 2013 by five founders, Navitas Solar is a leading solar panel manufacturer in India. With both backward and forward integration capabilities, it offers a full spectrum of solar services and products. Its subsidiary, Navitas Alpha Renewables Pvt. Ltd., contributes to its unique market position by manufacturing EVA Sheets. Currently producing at 500 MW p.a., Navitas Solar aims to expand to 3 GW next year, providing mono and polycrystalline PV modules ranging from 5 to 600 watts per panel.
Website: www.navitassolar.in

About Sustainable Equity

Sustainable Equity LLC is a forward-thinking investment company dedicated to championing projects and missions that are purpose-driven, fostering both sustainable and equitable outcomes. Our company mission is to deploy capital to create a better world, and we are passionate about investing in companies and community-oriented missions that align with our values. We aim to make a positive impact on communities by providing commercial PACE (C-PACE) financing solutions for energy efficiency, renewable energy, and resiliency property improvements. Sustainable Equity is supported by a team of professionals who specialize in commercial real estate, legal, structured finance, government affairs, sustainability policy, equity and inclusion, and clean-energy tech. To learn more, please visit us at: www.sustainableequity.org

About Geosol Global Distribution (GGD)

Geosol Global Distribution is North America's newest premier provider in the field of clean energy distribution. As the exclusive distributor for Navitas Solar, a top provider of state-of-the-art solar technology, we stand at the forefront with our team of experienced professionals, delivering the latest solar innovations to customers around the world. Our experts, ranging from solar technology specialists to distribution logistics professionals, are unified in the belief that sustainable energy should be accessible to everyone. Thus, our mission is to simplify the acquisition of top-quality solar products. Whether for residential installations or large-scale commercial projects - Geosol has the knowledge and resources to meet a broad spectrum of clean energy needs.
Website: www.geosolglobal.com

About Colby Solar

Colby Solar emerges as the latest evolution of Anchor Renaissance Institute (ARI), building upon a rich legacy in the realm of renewable energy. ARI's inaugural venture into sustainable energy dates back to 2009-2010, when it initiated a transformative workforce development program in Washington, DC. This landmark endeavor furnished comprehensive training in solar installations, endorsed by NABCEP certification, alongside proficiency in energy audits via RESNET and weatherization techniques through BPI. The pioneering training program has garnered accolades as a visionary model for future workforce training, a testament to its forward-looking approach.
Website: www.colbysolar.com

This release was published on openPR.