Alpex Solar announces plan to double PV module capacity to 2.4 GW by FY26
The company is also in the process of acquiring a 17,846.63 square meter land parcel in Kosi Kotwan, Uttar Pradesh. | Representative photo: Reuters
Solar energy solutions provider Alpex Solar on Wednesday announced its expansion plans to double the capacity of its solar photovoltaic panels to 2.4 GW by fiscal year 2025-2026.
A greenfield project of 1.2 GW solar PV module capacity will be installed at the company’s newly acquired plot in Kosi Kotwan, Mathura in Uttar Pradesh, a statement said. The company will also explore a foray into solar cell manufacturing in the gigawatt capacity range.
The new project will be funded through internal allocations and borrowings. Once the new line is set up, the company expects a capacity of 2.4 GW by FY2026, which will help it meet the growing demand in India and other key global markets.
The company aims to achieve deeper integration with the solar cell market, building on its presence in solar panels and aluminum frames.
Ashwani Sehgal, Managing Director, Alpex Solar said: “We are exploring moving into solar cell manufacturing. This can bring us multiple benefits including cost, profitability and branding, and enhance our ability to offer turnkey services to the end user.”
The company plans to install a new line of Gigawatt solar cells at its new Kosi Kotwan plant.
“The negotiations are at an advanced stage and the Council and the respective authorities will be informed once they are finalised. The capital expenditure will be met through additional facilities from banks and financial institutions, internal allocations and capital infusion,” Sehgal added.
The ongoing expansion of solar panels has been successfully completed and has a capacity of 900 MW. The remaining 300 MW will be realized in the existing buildings in the next three months, which will bring a total capacity of 1.2 GW by the third quarter of FY 2025, the minister said.
The company is also in the process of acquiring a 17,846.63 square meter plot in Kosi Kotwan, Uttar Pradesh, to set up its third manufacturing facility in the future. This land is adjacent to the company’s existing real estate and the transaction is valued at around Rs 7 crore.
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First publication: 04 Sep 2024 | 16:06 IST