On Wednesday, Alpex Solar announced intentions to increase its photovoltaic solar module capacity to 2.4 GW by FY2025-26.
A greenfield project with 1.2 GW of solar PV module capacity will be erected on the company’s newly acquired land parcel in Kosi Kotwan, Mathura, Uttar Pradesh, according to a release. The company will also look into manufacturing solar cells with a capacity of several gigawatt.
The new project will be supported via internal accruals and loans. Once the new line is operational, the business anticipates a capacity of 2.4 GW by FY2026, allowing it to fulfil rising demand in India and other key worldwide markets.
The company intends to deepen its integration with the solar cell market, building on its existing position in solar PV modules and aluminium frames.
Alpex Solar’s Managing Director, Ashwani Sehgal, stated, “We are looking at entering the solar cell manufacturing business. This could give us a number of advantages, including cost, profitability, and branding, as well as increase our capacity to provide complete services to end users.”
The company wants to establish a new line of solar cells with Gigawatt capacity at the greenfield Kosi Kotwan factory.
“The discussions are in the advanced stages, and the Board and relevant authorities will be notified once they are finalised. “The capital outlay will be met through additional facilities from banks and financial institutions, internal accruals, and equity infusion,” Sehgal explained.
The continued expansion of solar PV modules has been completed successfully to the extent of 900 MW capacity, with the remaining 300 MW to be completed in the existing premises during the next three months, resulting in a total capacity of 1.2 GW by the third quarter of FY2025, he stated.
The company is also in the process of obtaining a 17,846.63 square metre land piece in Kosi Kotwan, Uttar Pradesh, to build its third facility in the future. This land is close to the company’s current property, and the transaction is worth approximately Rs 7 crore.
