Alpex Solar to invest Rs 6.42 billion in 1.6 GW solar cell production capacity

04 Oct 2024 CW Team

Alpex Solar announced its entry into solar cell manufacturing, with plans to establish a 1.6-gigawatt (GW) capacity plant in Kosi Kotwan, Mathura, at an estimated project cost of Rs 6.42 billion.

As stated in the official press release, the expansion will occur in three phases, with the first 500 MW expected to be operational by October 2025. The completion of the remaining two phases is scheduled for April 2026 and September 2026, respectively.

Ashwani Sehgal, the managing director of Alpex Solar, indicated that this initiative is the largest since the company's inception and aims to elevate their product offerings. He mentioned that the venture into solar cells would strengthen their vision for integrated solutions, which currently includes solar PV modules, aluminum frames, EPC services, and IPP expertise.

The Greater Noida-based company, listed on NSE Emerge, noted that the capital requirements would be fulfilled through additional facilities from banks and financial institutions, internal accruals, and equity infusion. Earlier this year, the company acquired a seven-acre land parcel from the Uttar Pradesh Industrial Development Authority to construct its second manufacturing unit. They stated that the solar cell plant would be built on the same site, along with a recently announced plan to establish a greenfield facility for 1.2 GW of solar PV modules.

Additionally, the company revealed its goal to achieve a total capacity of 1.2 GW in solar modules by Q3FY25. It is also doubling its solar PV module capacity to 2.4 GW and increasing its aluminum frame production capacity.

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