Solar Cell Manufacturer Jupiter Raises ₹1.7 Billion From Edelweiss Group

Solar cell manufacturer Jupiter International raised ₹1.7 billion (~$22.19 million) from funds managed by Edelweiss Alternative Asset Advisors (EAAA). The capital raised includes debt and a convertible to equity instrument.

The capital will be used to expand its solar cell manufacturing capacity by adding a new 500 MW cell line based on the latest Monocrystalline Passivated Emitter and Rear Cell (PERC) technology. Its current solar cell production capacity is at 430 MW. Jupiter’s production facility is located at Baddi, Himachal Pradesh.

“Jupiter Group is in the process of rapid expansion. We will commission the new 500 MW Mono PERC cell manufacturing facility in the next six months. We also have plans to set up a new greenfield capacity of a 2000 MW integrated cell plus module line. The backing from Edelweiss, which is one of the largest funds in India, is crucial for us at this stage,” said Alok Garodia, Managing Director of Jupiter International.

Centrum Capital Limited was the exclusive advisor to Jupiter International on this transaction.


“Demand for domestic solar cells is at the cusp of an exceptional growth phase fueled by favorable government policies. Jupiter Group, with more than a decade of track record as a manufacturer of high-quality cells, is uniquely positioned to capitalize on the market opportunity,” said Kriti Mohan Ghosh, Executive Vice President, EAAA.

EAAA, a part of Edelweiss Group, is the private alternative asset management arm with experience in Indian private debt and tangible assets. EAAA manages assets aggregating over $4 billion to customers representing global institutional investors like pension funds, insurance companies, large family offices, and ultra-high net worth individuals.

In the recent union budget announcements, the government allocated an additional ₹195 billion (~$2.61 billion) for the production-linked incentive (PLI) program) to help facilitate the growth of domestic manufacturing.

According to Mercom Capital Group’s Annual and Q4 2021 Solar Funding and M&A Report, $15.8 billion was raised in 59 debt financing deals announced in 2021, a 91% increase compared to $8.3 billion raised in 47 deals during 2020.