The fresh capital was raised through a combination of debt and convertible-to-equity instrument
Solar PV cell manufacturer Jupiter International has raised Rs 170 crore from Edelweiss Alternative Asset Advisors (EAAA).
The Kolkata-based maker will utilise the funds as growth capital to enhance its manufacturing capacity as it plans to set up a new greenfield capacity of 2,000 megawatt (MW) integrated cell plus module line.
The fresh capital was raised through a combination of debt and convertible-to-equity instrument. Centrum Capital was the exclusive advisor to Jupiter International on this transaction.
“The backing 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 monocrystalline PERC (passivated emitter and rear cell) technology being built. “We will commission the new 500 MW mono PERC cell manufacturing facility in the next six months,” said Alok Garodia, managing director of Jupiter International.
Garodia said the company has plans to expand further in states that offer higher incentives to set up plant. It expects to clock a turnover of ₹350 crore in the current financial year and targets to take it to ₹600 crore in FY23.
“Demand for domestic solar cells is at the cusp of an exceptional growth phase fuelled by favourable government policies,” said Kriti Mohan Ghosh, executive vice president at Edelweiss Alternative Asset Advisor.
