Edelweiss Group invests Rs 170 crore in Jupiter International
- ByStartupStory | March 14, 2022
Jupiter International, a manufacturer of photovoltaic (PV) cells, announced on Monday that it had received Rs 170 crore ($22.2 million) from funds managed by Edelweiss Alternative Asset Advisors Ltd.
The new funds will be used to expand the company’s PV solar cell manufacturing capacity. The funds will be used to assist the company to expand its 500 MW cell line in Himachal Pradesh, which is based on the newest Monocrystalline PERC (Mono PERC) technology, according to the company.
By 2023, Jupiter plans to establish a 2 GW integrated cell and module line.
The company said it is betting on the government’s push for solar power, noting that since the implementation of the WTO-compliant Domestic Content Requirement (DCR) policy two years ago, the central government has launched initiatives such as the levy of Basic Customs Duty (BCD) and the Production Linked Incentive (PLI) scheme.
Jupiter further stated that the solar manufacturing industry is becoming increasingly competitive. Leading businesses in the solar manufacturing area have announced expansion plans in recent months, and numerous new strategic actors are in the process of entering the solar manufacturing value chain, bolstering government efforts to develop a domestic solar manufacturing ecosystem.
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