The funds will be utilised as growth capital to enhance its manufacturing capacity, the Kolkata-based company said on Sunday.

The company plans to set up a new greenfield capacity of 2,000 megawatt (MW) integrated cell plus module line, said Alok Garodia, managing director of Jupiter International.

"Jupiter Group is in the process of rapid expansion," he said. "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," Garodia said.

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.

"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. "Jupiter Group, with more than a decade of track record as a manufacturer of high-quality cells, is uniquely positioned to capitalise on the market opportunity."

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.

Since the implementation of WTO-compliant Domestic Content Requirement (DCR) policy two years back, the government has taken up a slew of initiatives including levy of basic customs duty (BCD) and production-linked incentive (PLI) scheme to promote solar equipment manufacturing in the country.

In the last few months, leading players in the solar manufacturing sector have announced expansion plans. Several new strategic players are also in the process of foraying into the solar manufacturing value chain, giving a fillip to government plans to establish a domestic solar manufacturing ecosystem.