“Being one of the oldest and reputed manufacturers of solar modules, 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.” Ashwani Sehgal, Managing Director, Alpex Solar Limited
Greater Noida-based NSE Emerge-listed solar systems manufacturing Company Alpex Solar Ltd has announced its ambitious expansion plans to double its photovoltaic solar module capacity to 2.4 GW. 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 Managing Director of the company to explore Company’s foray into solar cell manufacturing in the range of gigawatt capacity.
Exploring new product foray – solar cells
The company aims at deeper integration with the solar cell foray – building upon its presence in solar PV modules and aluminium frames. Commenting on the opportunity, Ashwani Sehgal, Managing Director, Alpex Solar Limited, said, “Being one of the oldest and reputed manufacturers of solar modules, 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 Mr. Sehgal.
Project updates – IPO proceeds
At the same time, the company also offered an update on the ongoing projects funded by the IPO proceeds. Alpex Solar aimed to expand its solar PV modules capacity by 750 MW to 1.2 GW per the issue’s objectives. Besides, it also raised funds to set-up an aluminium frame production unit. The Company informed that 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 Q3FY25.
The company’s aluminium frame manufacturing project consisted of 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.
Kosi Kotwan Plants – integrated complex comprising two land parcels
Earlier this year, the Company purchased a 7-acre (25873.27 Sq. Mtr) land parcel from the Uttar Pradesh Industrial Development Authority (UPSIDA) in A-2/2, Industrial Area, Kosi Kotwan Ext-II, Mathura, Uttar Pradesh, to build the second manufacturing unit.
The Company intends to undertake an ambitious expansion plan to set up a greenfield facility of 1.2 GW solar PV modules on this land. 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 has informed the Board that it is now in the process of acquiring a 17,846.63 sq/mtr land parcel at Khasra No. 111/3, Navipur, 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 ₹7 crore. Kosi, Mathura is almost an extended part of NCR. It is a one-and-a-half-hour drive and is easily accessible through the National Highway.
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 900 MW capacity, further expanding to 1.2 GW in FY25. 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.
