Jupiter International Limited (“JUPITER”), a leading solar cell manufacturer in India, has secured INR 500 crore in growth capital from ValueQuest SCALE Fund and its affiliates.
This strategic investment will fuel JUPITER’s expansion plans, allowing the company to increase its solar cell manufacturing capacity to 6.4 GW and enter the solar module segment with a targeted capacity of 2.4 GW.
AUM Capital served as the exclusive financial advisor to JUPITER for the transaction.
JUPITER currently operates 1 GW of solar cell manufacturing capacity across two advanced facilities located in Baddi, Himachal Pradesh. As one of the pioneers in India’s solar cell manufacturing sector, the company has consistently delivered high-efficiency products that meet global standards, comparable to those produced in China and Taiwan.
This marks the company’s second major equity raise, bringing the total capital raised in the past two years to INR 800 crore. With a stronger capital foundation, JUPITER is well-positioned to advance its renewable energy initiatives and play a significant role in India’s clean energy transition.
Mr. Alok Garodia, Managing Director, Jupiter International observed, “ValueQuest’s second investment reaffirms investor trust and strengthens our position as one of the leading manufacturers in the renewable energy sector. As a long- term partner, their continued confidence underscores our ability to scale efficiently and drive innovation. With a fully integrated approach, we are poised to enhance technology, expand market share, and meet the growing demand of renewable energy solutions”
Mr. Ravi Dharamshi, Founder & CIO, ValueQuest added, “Jupiter’s integrated approach makes it a key player in India’s energy transition. This second investment reflects our trust in their ability to scale operations and drive renewable growth. “With their focus on advanced manufacturing and next-gen technologies, Jupiter will play a vital role in reducing import dependency and delivering sustainable solar solutions,” noted Pushkar Jauhari, MD & Head – Private Equity, ValueQuest.
