Jupiter International raises ₹500 crore from ValueQuest for solar expansion

Jupiter International Limited, a manufacturer of photovoltaic solar cells and provider of solar power solutions, has announced a ₹500 crore investment from ValueQuest SCALE Fund and its affiliates. This is ValueQuest’s second investment in the company.

Jupiter currently operates a 1 GW facility in Baddi, Himachal Pradesh, and plans to expand total capacity to 5.6 GW of solar cells and 2.4 GW of solar modules. The current funding round and internal accruals will support the company’s capital expenditure program.

The company plans to develop integrated capabilities across the solar manufacturing value chain. This includes steps towards forward integration, reducing import dependency, and contributing to employment and the national energy transition efforts.

“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,” said Alok Garodia, Managing Director, Jupiter International Limited.

“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” said Mr. Ravi Dharamshi, Founder and CIO, ValueQuest

“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,” – said Mr. Pushkar Jauhari, MD & Head – Private Equity, ValueQuest

Aum Capital served as the exclusive financial advisor to Jupiter for this transaction.

Also read: India’s installed renewable energy capacity reaches 220 GW | Solar at 106 GW