Solar photovoltaic cell manufacturer Jupiter International has raised ₹170 crores from funds managed by wealth management firm Edelweiss Alternative Asset Advisors (EAAA).
The new capital was raised through a combination of debt and convertible-to-equity instruments. Centrum Capital was a special advisor to Jupiter International on the deal.
The company plans to utilized the funds as growth capital to enhance its manufacturing capacity and set up a new greenfield capacity of 2,000 megawatts (MW) integrated cell plus module line.
“Jupiter Group is in the process of rapid expansion. The backing from Edelweiss which is one of the largest funds in India is crucial for us at this stage.” This is on top of a new 500 MW cell line based on the latest monocrystalline PERC (passivated emitter and rear cell) technology being built. “We will commission the new 500 MW mono PERC cell manufacturing facility in the next six months,” said Alok Garodia, Managing Director of Jupiter International.
Kolkata-based Renewable Energy Semiconductor Manufacturing Company Jupiter International was founded in 2006 and Its state-of-the-art integrated production facility is situated at Baddi, Himachal Pradesh, and has a current capacity of 434 MW.
“Demand for domestic solar cells is at the cusp of an exceptional growth phase fuelled 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 at Edelweiss Alternative Asset Advisor.
The company claims that currently in their 450 MW plant they produce cells with an average efficiency of 18.80%.
Garodia also said the company plans to expand further in states that offer higher incentives for setting up plants. It expects to do a business of ₹350 crores in the current financial year and aims to take it to ₹600 crores in FY23.