Alpex Solar Ltd, a solar systems manufacturer listed on NSE Emerge, has announced significant expansion plans aimed at doubling its photovoltaic (PV) solar module capacity to 2.4 GW. The expansion will take place at the company’s newly acquired land in Kosi Kotwan, Mathura, Uttar Pradesh.
In addition to increasing its module capacity, the Board of Alpex Solar has given the Managing Director the mandate to explore the company’s entry into solar cell manufacturing with a targeted gigawatt capacity. This strategic move aims to enhance the company’s integration within the solar industry, leveraging its established presence in solar PV modules and aluminum frames.
Exploring New Horizons: Solar Cells
Ashwani Sehgal, Managing Director of Alpex Solar Ltd, commented on the expansion, “As one of the oldest and most respected manufacturers of solar modules, we are excited about the prospect of entering solar cell manufacturing. This new venture could offer us advantages in cost, profitability, and branding, and enhance our ability to deliver comprehensive services to our customers.”
The new solar cell manufacturing line, planned for the Kosi Kotwan plant, will have a gigawatt-scale capacity. “Discussions are in advanced stages, and we will provide updates once the plans are finalized. The required capital will be sourced through a combination of bank facilities, internal accruals, and equity infusion,” added Mr. Sehgal.
Project Updates: IPO Proceeds and Ongoing Projects
Alpex Solar also provided an update on its current projects funded by IPO proceeds. The company’s goal was to increase solar PV module capacity by 750 MW to 1.2 GW and establish an aluminum frame production unit. The expansion of solar PV modules has been completed to the extent of 900 MW, with the remaining 300 MW expected to be operational within the next three months, meeting the target of 1.2 GW by Q3FY25.
The aluminum frame manufacturing project, divided into three phases, has seen Phase 1 successfully completed and operational at the Greater Noida facility. Due to space limitations, the remaining phases will be executed at the Kosi Kotwan site as part of the greenfield expansion.
Kosi Kotwan Plants: Integrated Complex
Earlier this year, Alpex Solar acquired a 7-acre land parcel from the Uttar Pradesh Industrial Development Authority (UPSIDA) in Kosi Kotwan to develop its second manufacturing unit. The new facility will contribute to the company’s goal of reaching a 2.4 GW capacity by FY2026. This expansion will be financed through internal funds and loans. Additionally, the company is in the process of acquiring a 17,846.63 sq/m land parcel for a future third plant, adjacent to the existing property, with a transaction value of approximately Rs. 7 crore.
Founded in 1993 by Ashwani Sehgal, Monica Sehgal, and Vipin Sehgal, Alpex Solar specializes in manufacturing PV modules using monocrystalline and polycrystalline cell technologies. The company’s product lineup includes bifacial, mono-PERC, and half-cut solar PV modules. Alpex Solar provides comprehensive solar energy solutions, including engineering, procurement, and construction (EPC) of AC/DC solar pumps.
With a state-of-the-art facility in Greater Noida, Alpex Solar is expanding from a current capacity of 900 MW to 1.2 GW by FY25. The company, which employs over 200 professionals, serves major clients like Jakson and Tata Power and was listed on NSE Emerge in February 2024.
