Jupiter gains Rs 3 billion investment from ValueQuest for solar plant

17 Jul 2024 CW Team

Jupiter International, a prominent manufacturer of photovoltaic solar cells and provider of solar power solutions in India, has secured an investment of Rs 3 billion from ValueQuest S.C.A.L.E. private equity fund. This funding will be utilised to establish a 1.8 GW solar cell and 1.2 GW module manufacturing facility.

Jupiter has formed a joint venture with AmpIn Energy to develop an integrated solar cell and module capacity of 1.2 GW each. Headquartered in Kolkata with an existing manufacturing facility in Baddi, Himachal Pradesh, Jupiter currently boasts a solar cell manufacturing capacity of 800 MW. The new 1.2 GW solar cell manufacturing facility will be set up in Odisha, dedicated to producing TopCon solar cells, and is expected to be operational by March 2025.

"We are delighted to welcome ValueQuest to our family of investors. Their support will be instrumental in accelerating our growth trajectory. 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 domestically and internationally,? said Alok Garodia, Managing Director, Jupiter International.

Aum Capital served as Jupiter?s advisor for this transaction. In 2022, Jupiter raised Rs 1.7 billion from funds managed by Edelweiss Alternative Asset Advisors, which included debt and a convertible-to-equity instrument.

Despite significant growth, India?s solar manufacturing capacity still falls short of demand, leading to continued reliance on imports. In 2023, India imported $5 billion worth of solar cells and modules, marking the highest import value in a single year. This represents an 89.3% increase from $2.6 billion in 2022. Modules accounted for 60.7% of the annual solar imports, while solar cells made up 39.3%. (Source:Mercom India)

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