The company is also in the process of acquiring a 17,846.63 sq m plot of land in Kosi Kotwan, Uttar Pradesh. | Representative photo: Reuters
Solar solutions provider Alpex Solar on Wednesday announced its expansion plans to double its solar PV module capacity to 2.4 GW by fiscal year 2025-26.
The company’s newly acquired land at Kosi Kotwan in Mathura, Uttar Pradesh, will be used for a greenfield project with a capacity of 1.2 GW of solar PV modules, the statement said. The company will also explore the possibility of venturing into manufacturing solar cells with a capacity of gigawatts.
The new project will be funded through borrowings and internal accruals. Once the new line is installed, the company expects to have a capacity of 2.4 GW by fiscal year 2026, enabling it to meet growing demand in India and other key global markets.
The company aims for deeper integration with the solar cell sector by leveraging its presence in solar photovoltaic modules and aluminum frames.
Ashwani Sehgal, Managing Director, Alpex Solar, said, “We are exploring the possibility of venturing into solar cell manufacturing. This can provide us with multiple advantages such as cost, profitability and brand image, and increase our ability to offer turnkey services to the end user.”
The company plans to install a new line of solar cells with a gigawatt-range capacity at the new Kosi Kotwan plant.
“The negotiations are at an advanced stage and the board and the relevant authorities will be informed once finalised. The capital outlay will be met through additional facilities from banks and financial institutions, internal accruals and equity infusion,” Sehgal added.
The ongoing expansion of solar PV modules has been successfully completed to reach a capacity of 900 MW, and the balance of 300 MW will be completed at existing facilities in the next three months, leading to a total capacity of 1.2 GW by the third quarter of fiscal year 2025, it said.
The company is also in the process of acquiring a 17,846.63 sq m plot of land in 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 Rs 70 crore.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: September 4, 2024 | 16:06 IS
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