Jupiter International, a solar cell maker, announced on Tuesday it has received ₹300 crore from ValueQuest S.C.A.L.E. PE fund. This money will help Jupiter expand its current solar cell production and start making solar modules. Jupiter, based in Kolkata, has a factory in Baddi, Himachal Pradesh, which can produce 800 megawatts (MW) of solar cells.
With this new investment, Jupiter will build a 1.8 gigawatt (GW) solar cell and a 1.2 GW solar module factory. Jupiter has also partnered with AmpIn Energy to create a combined 1.2 GW solar cell and module capacity. Alok Garodia, Managing Director of Jupiter, said this funding will help them reach their revenue and profit goals. He added that Jupiter is ready to meet the growing demand for solar cells in India and abroad.
Ravi Dharamshi, Founder and CIO of ValueQuest, said the solar industry is growing due to good policies, and ValueQuest is excited to support Jupiter. Pushkar Jauhari, MD & Head of Private Equity at ValueQuest, believes Jupiter has strong leadership and a good team, making them well-positioned in the solar industry. Aum Capital advised Jupiter on this deal. Jupiter has entered into a joint venture with AmpIn Energy to develop integrated solar cell and module capacities. Under the leadership of Managing Director Alok Garodia, Jupiter International is well-positioned to meet the rising domestic and international demand for solar energy solutions
Jupiter International is a prominent manufacturer of photovoltaic (PV) solar cells, headquartered in Kolkata, India. The company operates a state-of-the-art manufacturing facility in Baddi, Himachal Pradesh, with a solar cell production capacity of 800 megawatts (MW).
