Alpex Solar To Invest Rs 642 Cr For Solar Cell Manufacturing

Alpex Solar on Thursday forays into the manufacturing of solar cells. The company will set up a 1.6 GW capacity plant at Kosi Kotwan, Mathura, at an estimated project cost of Rs 642 crore.

The expansion will be completed in three phases, with the first 500 MW expected to come on stream by October 2025. The remaining two phases will be completed by April 2026 and September 2026, respectively.

Commenting on the initiative, Ashwani Sehgal, Managing Director, Alpex Solar, said, “This is the biggest initiative taken by us since our inception and intends to put us to the next orbit in terms of product offerings. At Alpex Solar, we have built a strong foundation in the first 18 years of our journey, and our foray into solar cells will help us fortify our integrated solutions vision, which presently comprises solar PV modules, aluminium frames, EPC services and IPP expertise.”

The capital outlay will be met through additional facilities from banks and financial institutions, internal accruals, and equity infusion. Earlier this year, the company purchased a 7-acre (25873.27 Sq. Mtr) land parcel from the Uttar Pradesh Industrial Development Authority (UPSIDA) at A-2/2, Industrial Area, Kosi Kotwan Ext-II, Mathura, Uttar Pradesh, to build the second manufacturing unit.

The solar cell plant will be installed on the same premises along with the recently announced plan to set up a greenfield facility of 1.2 GW solar PV modules. The company also recently announced that it will achieve a total capacity of 1.2 GW in solar modules by Q3FY25.