Alpex Solar announces plan to double PV module capacity to 2.4 GW by FY26

Solar solutions provider Alpex Solar on Wednesday announced its expansion plans to double its photovoltaic solar module capacity to 2.4 GW by FY2025-26.

A greenfield project of 1.2 GW solar PV modules capacity will be installed in the company's newly acquired land parcel at Kosi Kotwan, Mathura in Uttar Pradesh, a statement said. The company will also explore a foray into solar cell manufacturing in the range of gigawatt capacity.

The new project will be funded through internal accruals and loans. Once the new line is set up, the company expects a capacity of 2.4 GW by FY2026, enabling it to meet the growing demand in India and other key global markets.

The company aims at deeper integration with the solar cell foray building upon its presence in solar PV modules and aluminium frames.

Ashwani Sehgal, Managing Director, Alpex Solar said, "We are exploring the foray into solar cell manufacturing. This may afford us multiple advantages, including cost, profitability, and branding, and boost our ability to offer turnkey services to the end user."

The company intends to set up a new line of solar cells with a capacity of Gigawatt range at the greenfield Kosi Kotwan plant.

"The 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," added Sehgal.

The ongoing expansion of solar PV modules has concluded successfully to the extent of 900 MW capacity, and the balance of 300 MW will be concluded in the existing premises in the next three months leading to a total capacity of 1.2 GW by the third quarter of FY2025, he said.

The company is also in the process of acquiring a 17,846.63 sq/mtr land parcel at Kosi Kotwan, Uttar Pradesh, to set up its third plant in the future. This land is adjacent to the company's existing property, and the transaction is valued at around Rs 7 crore.