Solar manufacturer Jupiter International has raised Rs 170 crore

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Fresh capital was raised through a combination of debt and equity-convertible instruments

Solar cell maker Jupiter International has raised Rs 170 crore from Edelweiss Alternative Asset Advisors (EAAA).

The Calcutta manufacturer will use these funds as capital for growth to improve its production capacity as it plans to build a new capacity of 2,000 megawatts (MW) of integrated cell plus module.

Fresh capital was raised through a combination of debt and equity-convertible instruments. Centrum Capital was the exclusive consultant to Jupiter International on this transaction.

“Support from Edelweiss, which is one of the largest funds in India, is crucial for us at this stage.” This is on top of a new 500 MW cell line based on the latest PERC single crystal technology (passive emitter and rear cell) under construction. “We will put into operation a new 500 MW PERC plant in the next six months,” said Alok Horodia, Managing Director of Jupiter International.

Horadia said the company has plans to expand further in states that offer higher incentives to set up the plant. In the current fiscal year, he expects to reach Rs 350 crore and plans to bring it to Rs 600 crore in the 23rd fiscal year.

“Demand for domestic solar panels is on the verge of an exceptional growth phase fueled by favorable government policies,” said Crete Mohan Ghosh, executive vice president of Edelweiss Alternative Asset Advisor.

Solar manufacturer Jupiter International has raised Rs 170 crore

Source link Solar manufacturer Jupiter International has raised Rs 170 crore