Greater Noida-based solar module manufacturer Alpex Solar has announced it is investing ₹6.42 billion (~$73.4 million) to set up a 1.6 GW solar cell manufacturing facility.

The company’s entry into solar cell production complements its existing solar PV module and aluminum frame manufacturing operations.

The new solar cell plant will be constructed at the company’s recently acquired seven-acre land in Kosi Kotwan, Mathura, Uttar Pradesh.

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.

The move into solar cell manufacturing aligns with the company’s strategy to provide integrated solar solutions, encompassing solar PV modules, aluminum frames, EPC services, and IPP expertise.

Alongside the solar cell manufacturing venture, Alpex Solar is also doubling its solar PV module capacity to 2.4 GW. This expansion includes:

• Ongoing expansion to reach 1.2 GW capacity by Q3 FY2025
• Addition of 1.2 GW capacity at the new Kosi Kotwan facility

The capital for these expansions will be sourced through a combination of bank facilities, internal accruals, and equity infusion.

Alpex Solar manufactures solar modules using monocrystalline and polycrystalline technologies and offers comprehensive solar energy solutions.

Alpex Solar’s ₹745 million (~$8.95 million) maiden initial public offering of 6.48 million equity shares was subscribed 303 times, with significant interest received from qualified institutional buyers (QIB), high-net-worth individuals (HNI), and retail investors.

The company earned a total revenue of ₹2 billion (~$24.05 million) in the second half of the financial year 2024, a 6% year-over-year decline compared to ₹$2.13 billion (~$25.61 million). It recorded a net profit of ₹$189.44 million (~$2.28 million) during the period, a 149% increase compared to ₹$76.16 million (~$915,824) in the corresponding period of the previous year.