Jupiter International, a manufacturer of photovoltaic solar cells and provider of solar power solutions in India, has received an investment of ₹3 billion (~$35.89 million) from ValueQuest S.C.A.L.E. private equity fund.

Jupiter aims to establish a 1.8 GW solar cell and 1.2 GW solar module manufacturing facility with this funding.

The company 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 a manufacturing facility in Baddi, Himachal Pradesh, Jupiter International has a solar cell manufacturing capacity of 800 MW.

Jupiter is setting up the 1.2 GW solar cell manufacturing facility in Odisha. The facility will exclusively manufacture TopCon solar cells and is expected to be commissioned 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 of Jupiter International.

Aum Capital served as Jupiter’s advisor for this transaction.

In 2022, Jupiter raised ₹1.7 billion (~$22.19 million) from funds managed by Edelweiss Alternative Asset Advisors. This capital included debt and a convertible-to-equity instrument.

India does not have adequate solar manufacturing capacity to meet demand and continues to rely on imports. India imported $5 billion (~₹416.8 billion) worth of solar cells and modules in 2023, the highest in a year. The imports rose 89.3% from $2.6 billion (~₹218.5 billion) in 2022. Modules accounted for 60.7% of the annual solar imports, and solar cells 39.3%.

According to Mercom India Research’s report, ‘State of Solar PV Manufacturing in India,’ the domestic module manufacturing capacity was just over 39 GW at the end of September 2022 and is expected to be close to 95 GW by the end of 2025.