Jupiter to expand capacity: Indian solar cell and module manufacturer Jupiter International Limited will establish a new facility in India’s Odisha with an annual production capacity of 4.2 GW for solar cells and 3.6 GW for solar modules. It entered a memorandum of understanding (MoU) with the State Government of Odisha to set up the factory in Khordha for an investment of INR 20.05 billion ($237 million). The company says this initiative is part of its broader expansion plan under which it aims to achieve 3 GW of wafer, 9.4 GW of solar cell, and 6 GW of module production over the next 3 years (see Jupiter International Announces INR 65 Billion Solar Manufacturing Expansion). Welspun to invest INR 135 billion in Odisha: Welspun New Energy has signed a memorandum of understanding (MoU) with the State Government of Odisha to invest INR 135 billion ($1.55 billion) in green energy. This money will be invested in developing a 1.2 GW pumped hydro power project and a 1 GW floating solar power plant. Welspun said these facilities are expected to enhance the state’s energy storage capacity and support the integration of renewable energy into the grid. They signed the MoU at the Make in Odisha Conclave 2025.Solarium files for IPO: Indian solar EPC company Solarium Green Energy has announced an initial public offering (IPO) to raise INR 1,050.4 million ($12 million). The issue will open on February 6, 2025, and close on February 10, 2025. It plans to offer 5.5 million equity shares. Proceeds raised will be used for working capital and general corporate purposes. The company previously operated a polycrystalline solar panel production factory in Gujarat which it shut down in February 2024 as it did not meet the minimum module efficiency fixed by the Ministry of New and Renewable Energy (MNRE) for the Approved List of Models and Manufacturers (ALMM). Its red herring prospectus is available on the company’s website.
