Greater Noida-based solar module manufacturer Alpex Solar has announced it is entering the solar cell manufacturing sector with plans to build a 1.6-gigawatt (GW) plant in Mathura, India. This expansion complements the company’s existing solar PV module and aluminium frame manufacturing operations.
Alpex Solar Invests ₹642 Crore to Boost Solar Cell Capacity
Alpex Solar is investing a significant ₹642 crore to build the 1.6 GW solar cell facility in the Mathura district of Uttar Pradesh. This strategic move strengthens India’s renewable energy sector and supports the government’s efforts to promote solar power.
The Greater Noida-based company is also developing a 1.2 GW PV module production base at the same site.
Alpex Solar Invests ₹642 Crore to Boost Solar Cell Capacity (Image- Collected)
“This is the biggest initiative taken by us since our inception and intends to put us in the next orbit regarding product offerings. At Alpex Solar, we have built a strong foundation in the first 18 years of our Journey, and 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,” said Ashwani Sehgal, managing director, Alpex Solar.
Alpex Solar to Fund Expansion with Bank Loans and IPO Proceeds
Alpex Solar plans to fund the project through bank financing, supplemented by internal resources and equity. A portion of the funding will come from the ₹745 million raised in its initial public offering (IPO) earlier this year.
The company, which currently manufactures PV modules at its 450 MW factory in Greater Noida, also recently acquired a 7-acre (25,873.27 sq.m) parcel of land in Mathura from the Uttar Pradesh Industrial Development Authority (UPSIDA) for the new facility.
The project will be implemented in three phases. The first 500 MW of solar cell capacity is set to be operational by October 2025, while the remaining capacity is scheduled to come online in two subsequent phases by April 2026 and September 2026.
Alpex Solar’s Investment to Boost Jobs and Renewable Energy in India
This investment is expected to create jobs, advance green technology, and benefit the local economy while supporting India’s transition to a sustainable energy future. By expanding its manufacturing capabilities, Alpex Solar aims to strengthen its position in the sector, improve supply chain efficiency, and boost its competitiveness in the fast-growing solar market.
The expansion also demonstrates the company’s confidence in the long-term growth of solar energy in India, which will be crucial for reducing carbon emissions and meeting climate targets. As global energy demands rise, this investment in solar cell production marks a significant step toward a more sustainable energy landscape.
