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Jupiter International Secures Rs500 Cr to Boost Solar Manufacturing Capacity
Apr 15, 2025
Kolkata-based solar technology firm, Jupiter International, has secured an investment of Rs500 crore from ValueQuest SCALE Fund to scale up its solar manufacturing operations in India. The funding will play a key role in the company’s expansion plans as it ramps up production capacity to meet rising domestic and global solar demand.
Currently, Jupiter operates a 1 GW solar cell manufacturing facility in Baddi, Himachal Pradesh. With the fresh capital infusion and internal accruals, the company plans to scale up its production to 5.6 GW of solar cells and 2.4 GW of solar modules.
New Integrated Facility in Odisha
Jupiter is also in the final stages of setting up an integrated solar cell and module manufacturing complex in Bhubaneswar, Odisha. The new facility, expected to be commissioned in 2025, will add 4 GW of solar cell capacity and 2.8 GW of solar module capacity, significantly contributing to India’s solar value chain. Aum Capital acted as the exclusive financial advisor for this funding transaction. This marks ValueQuest SCALE Fund’s second investment in Jupiter, following a previous round of Rs300 crore . The continued support reflects investor confidence in Jupiter’s vision of becoming a major solar manufacturing player.
Strategic Partnerships and Industry Growth In 2023, Jupiter International partnered with AmpIn Energy Transition to launch a joint venture aimed at setting up a 1.3 GW solar cell and module manufacturing facility, also expected to go live in 2025.
India’s solar manufacturing sector is witnessing robust growth. According to Mercom India’s 2025 Solar PV Manufacturing Report, the country added 25.3 GW of solar module capacity and 11.6 GW of solar cell capacity in 2024. The momentum is driven by strong project pipeline demand and the reinstatement of the Approved List of Models and Manufacturers (ALMM) from April 2024.
Technology Trends
In terms of module technology, monocrystalline modules, both standard and with passivated emitter and rear cell (PERC) technology, dominated the landscape, comprising 59% of India’s total module production capacity. This was followed by tunnel oxide passivated contact (TOPCon) modules, polycrystalline, and thin-film modules.
Despite the global slowdown in solar funding—corporate financing in the solar sector dropped to $26.3 billion in 2024, down 24% from the previous year—Jupiter’s successful fundraising demonstrates resilience and continued investor interest in high-potential solar manufacturing ventures.