“[Solar cell manufacturing] may afford us multiple advantages, including cost, profitability, and branding, and boost our ability to offer turnkey services to the end user,” said Ashwani Sehgal, managing director of Alpex Solar. “Negotiations are in the advanced stage, and the Board and respective authorities will be informed once they are firmed up. The capital outlay will be met through additional facilities from banks and financial institutions, internal accruals, and equity infusion.”
Alpex Solar said it plans to expand its PV module capacity by 750 MW to 1.2 GW and set up an aluminum frame production unit using proceeds from its initial public offering. The company has completed 900 MW of the expansion and expects to finish the remaining 300 MW at its current site within the next three months, aiming for a total capacity of 1.2 GW by the third quarter of fiscal 2025.
It has planned its aluminum frame manufacturing project in three phases.
“Phase one has successfully concluded and is operational at the Greater Noida facility. Due to space constraints, the remaining phases will be implemented at the newly acquired land in Kosi Kotwan as part of our greenfield expansion,” said Alpex Solar.
Earlier this year, Alpex Solar purchased a plot of land from the Uttar Pradesh Industrial Development Authority (UPSIDA) in Kosi Kotwan, Mathura, Uttar Pradesh, for its second manufacturing unit. The company said it plans to build a 1.2 GW solar module facility on the site, funded through internal accruals and loans.
