Indian photovoltaic panel manufacturer Alpex Solar has announced plans to enter the PV cell production market by establishing a new facility with an annual capacity of 1.6 GW in the Mathura district of Uttar Pradesh.
The project is expected to cost around INR 6.42 billion (USD 76.4 million/EUR 69.6 million) and will be developed in three phases.
The first phase, with 500 MW of capacity, is slated to begin production by October 2025, with subsequent phases adding capacity by April 2026 and September 2026.
The factory will be situated on the same site as Alpex's upcoming 1.2 GW PV module production facility.
Alpex plans to finance the venture through a combination of bank loans, its own resources, and proceeds from its INR 745-million initial public offering earlier this year.
The company currently operates a 450 MW PV module factory in Greater Noida, utilizing both monocrystalline and polycrystalline technologies.
