1. Home
  2. Infrastructure Energy
  3. POWER & RENEWABLE ENERGY
  4. Jupiter gains Rs 3 billion investment from ValueQuest for solar plant
Jupiter gains Rs 3 billion investment from ValueQuest for solar plant
POWER & RENEWABLE ENERGY

Jupiter gains Rs 3 billion investment from ValueQuest for solar plant

17 Jul 2024 2 Min Read CW Team
Jupiter International, a prominent manufacturer of photovoltaic solar cells and provider of solar power solutions in India, has secured an investment of Rs 3 billion from ValueQuest S.C.A.L.E. private equity fund. This funding will be utilised to establish a 1.8 GW solar cell and 1.2 GW module manufacturing facility.

Jupiter 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 an existing manufacturing facility in Baddi, Himachal Pradesh, Jupiter currently boasts a solar cell manufacturing capacity of 800 MW. The new 1.2 GW solar cell manufacturing facility will be set up in Odisha, dedicated to producing TopCon solar cells, and is expected to be operational 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, Jupiter International.

Aum Capital served as Jupiter?s advisor for this transaction. In 2022, Jupiter raised Rs 1.7 billion from funds managed by Edelweiss Alternative Asset Advisors, which included debt and a convertible-to-equity instrument.

Despite significant growth, India?s solar manufacturing capacity still falls short of demand, leading to continued reliance on imports. In 2023, India imported $5 billion worth of solar cells and modules, marking the highest import value in a single year. This represents an 89.3% increase from $2.6 billion in 2022. Modules accounted for 60.7% of the annual solar imports, while solar cells made up 39.3%. (Source:Mercom India)

Jupiter International, a prominent manufacturer of photovoltaic solar cells and provider of solar power solutions in India, has secured an investment of Rs 3 billion from ValueQuest S.C.A.L.E. private equity fund. This funding will be utilised to establish a 1.8 GW solar cell and 1.2 GW module manufacturing facility. Jupiter 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 an existing manufacturing facility in Baddi, Himachal Pradesh, Jupiter currently boasts a solar cell manufacturing capacity of 800 MW. The new 1.2 GW solar cell manufacturing facility will be set up in Odisha, dedicated to producing TopCon solar cells, and is expected to be operational 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, Jupiter International. Aum Capital served as Jupiter?s advisor for this transaction. In 2022, Jupiter raised Rs 1.7 billion from funds managed by Edelweiss Alternative Asset Advisors, which included debt and a convertible-to-equity instrument. Despite significant growth, India?s solar manufacturing capacity still falls short of demand, leading to continued reliance on imports. In 2023, India imported $5 billion worth of solar cells and modules, marking the highest import value in a single year. This represents an 89.3% increase from $2.6 billion in 2022. Modules accounted for 60.7% of the annual solar imports, while solar cells made up 39.3%. (Source:Mercom India)

Next Story
Infrastructure Urban
25 Nov 2024

Hyderabad Ranked Fastest Growing City for Infra Development

Hyderabad has emerged as the fastest-growing city in India among the top six, excelling in key areas such as governance, socio-economic profile, physical infrastructure, and real estate. According to the latest India Prime City Index report by Knight Frank India, the city has experienced remarkable growth, driven by extensive infrastructure projects, a surge in real estate demand, and a rising population of ultra-high-net-worth individuals (UHNWIs) and high-net-worth individuals (HNWIs). Proactive policy initiatives have also played a role in enhancing the city’s socio-economic landscape. F..

Read More
Next Story
Infrastructure Energy
25 Nov 2024

Tamil Nadu Explores PPP Route for Rs 4,500 Crore Power Transmission Project

In a pioneering move, the Tamil Nadu Transmission Corporation (Tantransco) is venturing into the tariff-based competitive bidding (TBCB) model to develop a new greenfield 765/400 kV substation in the Coimbatore region. This initiative, part of a larger power transmission project worth Rs 4,500 crore, also includes the development of 240 kilometers of transmission lines extending from Ariyalur to Tirupur, where the new facility will be established. This decision marks a significant shift from traditional state-funded projects to public-private partnership (PPP) models. The 765 kV substation, lo..

Read More
Next Story
Infrastructure Transport
25 Nov 2024

Port Delays and Red Tape Strain India's Steel User Units: GTRI

India’s steel industry, which is crucial for the country's economic growth, is currently facing a significant crisis. Over 10,000 steel user units across the country are grappling with operational and financial difficulties due to prolonged port delays, burdensome regulatory requirements, and the slow pace of clearance procedures at customs. According to the Global Trade Research Initiative (GTRI), these delays and complications are seriously affecting production timelines and export capacities, threatening the competitiveness of India's steel sector in the global market. The GTRI has pointe..

Read More

Opinion Poll

Question : Which technological advancement do you believe will most transform the real estate industry in the coming years?

Latest updates

Hyderabad Ranked Fastest Growing City for Infra Development
ECONOMY & POLICY
25 Nov 2024

Hyderabad Ranked Fastest Growing City for Infra Development

Tamil Nadu Explores PPP Route for Rs 4,500 Crore Power Transmission Project
POWER & RENEWABLE ENERGY
25 Nov 2024

Tamil Nadu Explores PPP Route for Rs 4,500 Crore Power Transmission Project

Port Delays and Red Tape Strain India's Steel User Units: GTRI
PORTS & SHIPPING
25 Nov 2024

Port Delays and Red Tape Strain India's Steel User Units: GTRI

Steelmakers Urge Government to Impose Temporary Tax on Cheap Imports
Steel
25 Nov 2024

Steelmakers Urge Government to Impose Temporary Tax on Cheap Imports

PCMC Explores Green Financing for Development Projects
ECONOMY & POLICY
25 Nov 2024

PCMC Explores Green Financing for Development Projects

Kerala KIIFB Approves 32 Projects Worth Rs 743.37 Crore
ECONOMY & POLICY
25 Nov 2024

Kerala KIIFB Approves 32 Projects Worth Rs 743.37 Crore

IT Ministry Developing Voluntary Code of Ethics for AI Companies
Technology
25 Nov 2024

IT Ministry Developing Voluntary Code of Ethics for AI Companies

JSW Steel Declared Preferred Bidder for Codli Mineral Block XII in Goa
Steel
25 Nov 2024

JSW Steel Declared Preferred Bidder for Codli Mineral Block XII in Goa

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000