Solar module manufacturer Alpex Solar will invest ₹31.36 billion (~$353.77 million) to upgrade its 2.2 GW cell manufacturing facility from Mono PERC to TOPCon in Kosi Kotwan, Uttar Pradesh.

The company had earlier proposed to manufacture 1.6 GW of MONO PERC cells at the facility.

Under Phase I, Alpex aims to achieve 1.4 GW capacity for G12R TOPCon solar cells. It plans the trial production of these cells by the first quarter of the financial year (FY) 2027.

Under Phase II, it proposes to install the remaining 800 MW capacity within six months of the completion of Phase I.

The technology enhancement and capacity expansion will be financed from its own resources.

Alpex said adopting the TOPCon manufacturing approach will enable it to avoid future conversion costs, factory downtime, and associated revenue loss that could come from a phased upgrade.

The company operates six manufacturing units spread across Greater Noida, Kosi Kotwan, 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.

Recently, Alpex 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.

In May this year, Alpex, in a consortium with NVNR Power & Infra, secured a 70 MW solar engineering, procurement, and construction contract from the Central Mine Planning and Design Institute, a subsidiary of Coal India. The project will be at Nandan Washery in the Kanhan Area, within the Western Coalfields region of Nagpur, Maharashtra.

In January, Alpex was among the winners of the Solar Energy Corporation of India’s auction to supply 400 MW of domestically manufactured solar modules, securing a capacity of 97.5 MW at a bid value of ₹21.61 (~$0.25)/W.