Photovoltaic (PV) cell manufacturing company Jupiter International on Monday said it has secured Rs 170 crore ($22 .2 million) from funds managed by Edelweiss Alternative Asset Advisors Ltd.
The company plans to use the fresh money to boost manufacturing capacity of its PV solar cell space.
The fundraise, which includes debt and convertible to equity instruments, will help the company to grow 500 MW cell line based on the latest Monocrystalline PERC (Mono PERC) technology in Himachal Pradesh, said the company.
Jupiter also aims to install 2 GW integrated cell plus module line by 2023.
“We will commission the new 500 MW Mono PERC cell manufacturing facility in the next six months. We also have plans to set up a new greenfield capacity of 2000 MW integrated cell plus module line. The backing from Edelweiss which is one of the largest funds in India is crucial for us at this stage,” said Alok Garodia, Managing Director, Jupiter International.
The company said that it is betting on the government’s push for solar power as the central government has launched initiatives including levy of Basic Customs Duty (BCD) and Production Linked Incentive (PLI) scheme over the last two years since the implementation of WTO (World Trade Organization) compliant Domestic Content Requirement (DCR) policy.
Jupiter also claimed that it has been witnessing rising competition in the solar manufacturing sector.
In the last few months, leading players in the solar manufacturing space have announced expansion plans and several new strategic players are also in the process of foraying into the solar manufacturing value chain giving fillip to government plans to establish domestic solar manufacturing ecosystem.
“Demand for domestic solar cells is at the cusp of an exceptional growth phase fueled 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, Edelweiss Alternative Asset Advisors Ltd.
Centrum Capital Ltd was the advisor to Jupiter on this transaction.
