ValueQuest Backs Jupiter With Rs 300 Cr To Expand PV Cell Manufacturing

ValueQuest Funds Rs 300 Cr To Expand Jupiter's PV Cell Manufacturing

Jupiter International Ltd., a photovoltaic solar cell producer and solar power solutions provider, has received Rs. 300 crore from ValueQuest S.C.A.L.E. PE fund.

This investment aims to expand the company’s solar cell manufacturing capabilities to support India’s growing demand for solar energy. Jupiter International founded in 2009 by Alok Garodia, has its manufacturing facility in Baddi, Himachal Pradesh. The company currently has a production capacity of 800 MW and is set to considerably upscale operations with the establishment of new facilities.

The funds will be utilized to enhance Jupiter International’s existing solar cell capacity and to set up new module manufacturing operations, with plans to develop a 1.8 GW solar cell and a 1.2 GW solar module manufacturing facility. Furthermore, the company has entered a joint venture with Ampin Energy to develop an integrated solar cell and module capacity of 1.2 GW each.

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“We are delighted to welcome ValueQuest to our family of investors. Their support will be instrumental in accelerating our growth trajectory,” said Alok Garodia, Managing Director of Jupiter International. He added, “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 both domestically and internationally.”

Ravi Dharamshi, Founder and CIO of ValueQuest commented on the investment, “The solar industry is at a pivotal moment, supported by favorable policies and regulatory frameworks. We are excited to support Jupiter International, a quality player in the solar module value chain.” Pushkar Jauhari, MD & Head of Private Equity at ValueQuest, added, “Jupiter International, with its strong leadership and robust management team, excels in solar cell manufacturing in India. We are confident in their ability to capitalize on the opportunities in the energy transition space.” Aum Capital served as the advisor to Jupiter International on this transaction.

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