Indian solar manufacturer Jupiter secures USD 22m for growth - report

Solar cells. Author: Arne Krueger. License: Creative Commons.

March 14 (Renewables Now) - Indian solar cell maker Jupiter International has secured INR 1.7 billion (USD 22.2m/EUR 20.2m) from funds run by India’s Edelweiss Alternative Asset Advisors to help grow its manufacturing capacity, The Economic Times reported on Monday.

The funding is a mixture of debt and a convertible-to-equity instrument, according to the article.

Jupiter International managing director Alok Garodia was cited as saying that the manufacturer intends to establish a greenfield integrated cell and module line of 2 GW in addition to a 500-MW cell line using monocrystalline passivated emitter and rear cell (PERC) technology that is currently under construction and due to be commissioned in the coming six months.

According to Edelweiss Alternative Asset Advisors executive vice president Kriti Mohan Ghosh, demand for Indian solar cells is poised for strong growth on the back of positive government policies.

(INR 1 = USD 0.013/EUR 0.012)

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