Solar module manufacturer Alpex Solar has raised ₹2.6 billion (~$29.27 million) through a preferential issue of 2.15 million equity shares and warrants.

The funds will be utilized to support the company’s plans to transform Alpex into an integrated solar cell and module manufacturer.

The preferential issue attracted participation from private investors and funds, with a few already having exposure to renewable energy projects.

Alpex plans to triple its solar module capacity to 3.6 GW by the end of the financial year (FY) 2027, from 1.2 GW.

The company plans to commence the first phase of the trial production of solar cells soon.

Alpex targets adding 1.6 GW of solar capacity and 3.6 GW of solar module capacity by FY 2027.

It also plans to establish and operationalize a 12,000 metric tons per annum aluminum frame manufacturing facility.

According to Ashwani Sehgal, Managing Director at Alpex Solar, said that he is hopeful of commissioning 500 MW of its 1.6 GW solar cell manufacturing capacity by FY 2026. Alpex Solar operates six manufacturing units spread across Greater Noida, Kosi Kotwan in Uttar Pradesh, and Madhya Pradesh.

The company’s total order book for FY 2026 stands at ₹12.79 billion (~$144.01 million), across solar modules and solar pumps.

Alpex manufactures monocrystalline and polycrystalline solar modules, including TOPCon, bifacial, mono-PERC, and half-cut solar modules.

It also offers engineering, procurement, and construction (EPC) solutions for solar energy systems.

Alpex Solar recently secured three major EPC and product orders, valued at ₹10.69 billion (~$120.36 million), from clients such as CMPDIL (a Coal India subsidiary) and the Haryana Renewable Energy Development Agency.

In January 2025, Alpex Solar won Solar Energy Corporation of India’s auction to supply 97.5 MW of domestically manufactured solar modules at a bid value of ₹21.61 (~$0.25)/Wp.