Jupiter International Ltd., a prominent Kolkata-based producer of photovoltaic solar cells and provider of solar power solutions, has announced a significant investment of Rs 300 crore from the ValueQuest S.C.A.L.E. PE fund. This strategic infusion aims to expand Jupiter International’s solar cell manufacturing capabilities to meet India's growing demand for solar energy.
Founded in 2009 by Alok Garodia, Jupiter International has established itself as a key player in the solar industry, operating from a state-of-the-art manufacturing facility in Baddi, Himachal Pradesh. The company currently boasts a production capacity of 800 MW and is set to substantially upscale operations with the establishment of new facilities.
The funds will be used to enhance Jupiter International’s existing solar cell capacity and to set up new module manufacturing operations. The company plans to develop a 1.8 GW solar cell and a 1.2 GW solar module manufacturing facility. Additionally, Jupiter International has entered a joint venture with AmpIn Energy to develop an integrated solar cell and module capacity of 1.2 GW each.
"We are delighted to welcome ValueQuest to our family of investors. Their support will be instrumental in accelerating our growth trajectory," said Alok Garodia, Managing Director of Jupiter International. He added, "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".
Ravi Dharamshi, Founder and CIO of ValueQuest, commented on the investment, "The solar industry is at a pivotal moment, supported by favorable policies and regulatory frameworks. We are excited to support Jupiter International, a quality player in the solar module value chain".
Pushkar Jauhari, MD & Head of Private Equity at ValueQuest, added, "Jupiter International, with its strong leadership and robust management team, excels in solar cell manufacturing in India. We are confident in their ability to capitalize on the opportunities in the energy transition space".
Aum Capital served as the advisor to Jupiter International on this transaction. The strategic partnership with ValueQuest is expected to significantly enhance Jupiter International’s production capabilities and market reach, positioning the company to play a crucial role in the renewable energy sector’s growth and sustainability efforts.
As India continues to push for renewable energy adoption, Jupiter International’s expanded capacity will help meet the increasing demand for solar energy solutions, further establishing the country as a major player in the global solar market.