Greater Noida-based Alpex Solar announced on Wednesday its expansion plans to double its photovoltaic solar module capacity to 2.4 gigawatts by FY 2026, according to the Press Trust of India.
The news agency reported that the company would install a greenfield project with a 1.2 GW solar PV module capacity at Kosi Kotwan, Mathura, in Uttar Pradesh.
The ongoing expansion of solar PV modules has concluded successfully to the extent of 900 MW capacity, and the balance of 300 megwatts 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.
The report also said the company will explore manufacturing solar cells in the gigawatt capacity range.
“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,” said Ashwani Sehgal, managing director of Alpex Solar in a statement.
The new project will be funded through internal accruals and loans. Once the new line is set up, the company expects to meet the growing demand in India and other key global markets.
The company is also in the process of acquiring a 17,846.63 sq.m. land parcel at Kosi Kotwan 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.
