Greater Noida-based Alpex Solar Ltd today announced its plans to double its PV module capacity to 2.4 GW by FY 2026. The greenfield project will be installed in the company’s newly acquired land parcel at Kosi Kotwan, Mathura, Uttar Pradesh. Besides, the Board also authorised the company’s managing director to explore the company’s foray into gigawatt-scale solar cell manufacturing. The company intends to set up the solar cell line also at the greenfield Kosi Kotwan plant.
Ashwani Sehgal, managing director, Alpex Solar, said, “[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.”
“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.
Alpex Solar aimed to expand its solar PV module capacity by 750 MW to 1.2 GW and set up an aluminium frame production unit with the proceeds from its IPO issue. The company informed that the ongoing expansion of solar PV modules has concluded to the extent of 900 MW capacity, and the balance of 300 MW will be completed in the existing premises in the next three months – leading to a total capacity of 1.2 GW by Q3 FY 2025.
The company planned aluminium frame manufacturing project in three phases. “Phase 1 has been successfully concluded and is operational in the Greater Noida facility. Due to space constraints, the remaining two phases are being implemented in the newly acquired land parcel at Kosi Kotwan and will be part of the greenfield expansion plan,” stated Alpex Solar.
Earlier this year, Alpex had purchased a 7-acre (25,873.27 sq.m) land parcel from the Uttar Pradesh Industrial Development Authority (UPSIDA) in Kosi Kotwan, Mathura, Uttar Pradesh, to build the second manufacturing unit.
The Company intends to set up its greenfield facility of 1.2 GW solar PV modules on this land. The new project will be funded through internal accruals and loans.
The company is now in the process of acquiring a 17,846.63 sq.m land parcel in Kosi Kotwan to set up its third plant in the future. This land is adjacent to the company’s existing property.
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