Alpex Solar Limited (NSE Emerge: ALPEXSOLAR), India’s leading manufacturer of solar panels, today unveiled its ambitious expansion plans to set up a greenfield facility of 1.2 GW at Kosi Kotwan, Mathura. The new project will be funded through internal accruals and loans. The Company is already executing capacity expansion at its Surajpur, Greater Noida plant, which will add 750 MW by FY25, as per the IPO objectives. The company expects a capacity of 2.4 GW by FY2026 – which will enable it to meet the growing demand in India and other global key markets.
In addition to the capacity expansion plans, the Board approved a new subsidiary – Alpex Green Energies Pvt. Ltd. – to diversify and enhance the company’s focus on green energy solutions.
Commenting on the expansion plans, Ashwani Sehgal, Managing Director, Alpex Solar Limited, said, “India’s commitment to the renewable energy landscape has accelerated demand across the country for solar panels. At the same time, the government’s support and policies have enabled the industry to be competitive with its global peers in certain high-demand markets. In such a scenario, it’s time to unleash growth plans and invest in capacity and capabilities. Our recent expansion plan is in line with this optimism.”
In March 2024, the Board of Directors of Alpex Solar accorded consent to the allotment of 25,873.27 sq. mtr. (~7 acres) of land by the Uttar Pradesh State Industrial Development Authority (UPSIDA) at Kosi Kotwan (on National Highway 19) in Mathura at an estimated sum of Rs 15.04 crore. The land parcel will be used to build a manufacturing facility for solar panels and modules. This land will also be used to establish a new plant for the Aluminum Frame Project, being relocated from the initially planned site due to inadequate space.
Alpex Solar clocked a 121% jump in operational revenues to Rs. 404.43 crore in FY24. The company’s EBITDA surged by 206% to Rs. 37.58 crore, while its net profits increased by 680% to Rs. 29.05 crore in FY24.
The company manufactures PV modules using monocrystalline and polycrystalline cell technologies. Its product portfolio comprises bifacial, mono-perc, and Halfcut solar PV modules. It also offers comprehensive solar energy solutions, including engineering, procurement, and construction (EPC) of AC/DC Solar Pumps in both Surface and Submersible categories.
ABOUT ALPEX SOLAR LIMITED
Alpex Solar was incorporated in 1993 by first-generation entrepreneurs Ashwani Sehgal, Monica Sehgal, and Vipin Sehgal and manufactures PV modules using monocrystalline and polycrystalline cell technologies. Its product portfolio comprises bifacial, mono-perc, and Halfcut solar PV modules. It also offers comprehensive solar energy solutions, including engineering, procurement, and construction (EPC) of AC/DC Solar Pumps in both Surface and Submersible categories. The Greater Noida-based company also serves as a contract manufacturer for several large companies, such as Jakson and Tata Power. Its solar panels are delivered with a specific focus on EPC companies such as Solarworld Energy Solutions Pvt Ltd, BVG India Limited, Tata Power, HAREDA, PEDA and many more.
The Company forayed into Solar panel manufacturing in 2007 and built a state-of-the-art facility spread over 150,000 sq. ft. in Greater Noida. Alpex has an 848 MW capacity (as per MNRE notification on 22 March 2024), which can be further expanded to 2 GW. Owing to its R&D prowess, manufacturing excellence and a deep talent pool, the company has emerged among the preferred suppliers of PV panels. The company has 200+ employees – including celebrated professionals from within and beyond the solar sector experience. The company was listed on NSE Emerge in February 2024.
