Jupiter International, a manufacturer of photovoltaic (PV) solar cells, said on Tuesday that it has secured an investment of ₹300 crore, led by ValueQuest S.C.A.L.E. PE fund. The investment will drive the expansion of Jupiter International’s current cell capacity and initiate module manufacturing operations, the company said.
The Kolkata-headquartered company has a manufacturing facility in Baddi, Himachal Pradesh, with a solar cell manufacturing capacity of 800 megawatts (MW), it added.
The new investment will enable Jupiter International to maintain its leadership in the solar industry by setting up a 1.8 gigawatt (GW) solar cell and 1.2 GW solar module manufacturing facility.
The company has also entered into a joint venture with AmpIn Energy to develop an integrated solar cell and module capacity of 1.2 GW each.
Jupiter International Managing Director Alok Garodia said “This funding round strengthens our competencies in achieving our revenue and profitability goals. As India emerges as a significant player in solar cell manufacturing, Jupiter is well-positioned to meet the increasing demand both domestically and internationally.”
The solar industry is at a pivotal moment, supported by favorable policies and regulatory frameworks. ValueQuest is excited to support Jupiter International, a quality player in the solar module value chain, Ravi Dharamshi, Founder and CIO of ValueQuest, said.
Pushkar Jauhari, MD & Head of Private Equity at ValueQuest, said, “We see tremendous value creation potential in the solar cell and module industry. Jupiter International, with its strong leadership and robust management team, excels in solar cell manufacturing in India. We are confident in their ability to capitalise on the opportunities in the energy transition space.”
Aum Capital served as the advisor to Jupiter International on this transaction.