HomeRenewable energy ›Alpex Solar to Set Up 1.6 GW Solar Cell Plant in Uttar Pradesh

Alpex Solar to Set Up 1.6 GW Solar Cell Plant in Uttar Pradesh

Alpex Solar has announced plans to enter solar cell manufacturing with a 1.6 GW plant in Mathura, Uttar Pradesh, investing INR 642 crore in a phased expansion, with 500 MW set to come on stream by October 2025.

October 04, 2024. By Mrinmoy Dey

Alpex Solar has recently announced its entry into solar cell manufacturing with plans to set up a 1.6 GW capacity plant at Kosi Kotwan in Mathura, Uttar Pradesh. The company has pegged the estimated investments at INR 642 crore.

The company further shared that the expansion will be completed in three phases, with the first 500 MW expected to come on stream by October 2025. The remaining two phases will be completed by April 2026 and September 2026, respectively.

Commenting on the development, Ashwani Sehgal, Managing Director, Alpex Solar said, “This is the biggest initiative taken by us since our inception and intends to put us to the next orbit in terms of product offerings. Our foray into solar cells will help us fortify our integrated solutions vision, which presently comprises solar PV modules, aluminium frames, EPC services and IPP expertise.”

In a regulatory filing at the NSE, the company stated that the project cost would be financed through banks and financial institutions, internal accruals, and equity infusion.

Earlier this year, the company acquired a seven-acre plot from the Uttar Pradesh Industrial Development Authority for a second manufacturing unit, where it will establish a solar cell plant alongside a new 1.2 GW solar PV module greenfield facility.

Additionally, the company aims to reach a total solar module capacity of 1.2 GW by Q3 FY25 and plans to double this capacity to 2.4 GW, along with setting up aluminium frame production.
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