Kolkata-based solar cell manufacturer and solar solutions provider Jupiter International has secured a ₹5 billion (~$58.07 million) investment from ValueQuest SCALE Fund.

The investment will be utilized to expand its manufacturing capacity.

The company has a 1 GW facility in Baddi, Himachal Pradesh. It plans to expand its total manufacturing capacity to 5.6 GW of solar cells and 2.4 GW of solar modules.

The present funding round and internal accruals will support its ongoing capital expenditure program.

Jupiter is in the advanced stages of establishing an integrated solar cell and solar module manufacturing facilities in Bhubaneswar, Odisha. The facilities, which will have a cumulative production capacity of 4 GW and 2.8 GW, respectively, are expected to be commissioned in 2025.

Aum Capital was the exclusive financial advisor to Jupiter for this transaction.

This is ValueQuest’s second investment in the company, with a previous investment round of ₹3 billion (~$34.84 million).

In 2023, AmpIn Energy Transition and Jupiter International announced a joint venture to set up a facility to manufacture up to 1.3 GW of solar cells and modules. The manufacturing facility was expected to be commissioned in 2025.

India added 25.3 GW of solar module capacity and 11.6 GW of solar cell capacity in 2024, according to Mercom’s State of Solar PV Manufacturing in India 2025 report. The manufacturing capacity additions in 2024 were primarily driven by demand from the solar project pipeline and the reimposition of the Approved List of Models and Manufacturers order from April 2024.

Monocrystalline modules, with or without passivated emitter and rear cell technology, accounted for almost 59% of the country’s module production capacity, followed by tunnel oxide passivated contact modules, polycrystalline modules, and thin-film modules.

According to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report, global corporate funding in the solar sector in 2024 reached $26.3 billion, a 24% year-over-year  decline from $34.4 billion. There were 157 deals in 2024 compared to 161 deals in 2023.