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Alpex Solar Raises Rs2.6 Billion to Expand Integrated Manufacturing

Alpex Solar has raised Rs2.6 billion through a preferential issue of equity shares and warrants to accelerate its transition into an integrated solar cell and module manufacturer. The capital infusion, backed by private investors and renewable-focused funds, will be used for capacity expansion and new facilities.

The company aims to triple its solar module manufacturing capacity to 3.6 GW by FY 2027, up from the current 1.2 GW. It also plans to add 1.6 GW of solar cell capacity, with trial production expected to begin soon. Managing Director Ashwani Sehgal said that 500 MW of the planned 1.6 GW solar cell facility is targeted for commissioning by FY 2026.

To strengthen backward integration, Alpex will establish a 12,000 metric tons per annum aluminum frame manufacturing unit. The company currently operates six facilities across Greater Noida, Kosi Kotwan, and Madhya Pradesh.

Alpex has a strong order book worth Rs12.79 billion for FY 2026, with major contracts from CMPDIL and Haryana Renewable Energy Development Agency. It manufactures a range of modules, including TOPCon, bifacial, mono-PERC, and half-cut modules, and also provides EPC solutions.

Earlier in 2025, Alpex won SECI’s tender for 97.5 MW domestically manufactured modules at a competitive price of Rs21.61/Wp.