"Jupiter International Secures ₹300 Crore Investment from ValueQuest".

Jupiter International, a manufacturer of photovoltaic (PV) solar cells, announced on Tuesday that it has secured a ₹300 crore investment led by ValueQuest S.C.A.L.E. PE fund. This funding will support the expansion of Jupiter International's existing cell capacity and the initiation of module manufacturing operations, the company stated.

Headquartered in Kolkata, Jupiter International operates a manufacturing facility in Baddi, Himachal Pradesh, with an 800 megawatt (MW) solar cell manufacturing capacity.

The new investment will enable Jupiter International to maintain its leadership in the solar industry by establishing a 1.8 gigawatt (GW) solar cell and a 1.2 GW solar module manufacturing facility.

Additionally, the company has 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 remarked, “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, expressed enthusiasm for supporting Jupiter International, highlighting the company's quality in the solar module value chain amid favorable policies and regulatory frameworks in the solar industry.

Pushkar Jauhari, MD & Head of Private Equity at ValueQuest, noted, “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 capitalize on the opportunities in the energy transition space.”

Aum Capital served as the advisor to Jupiter International for this transaction.

HBL