Alpex Solar raises Rs 2.6 billion to expand module manufacturing capacity

Alpex Solar Limited has raised about Rs 2.6 billion through a preferential issue of 21,46,600 equity shares and warrants. The company said the funds will be directed toward scaling up its module manufacturing capacity and progressing toward integrated solar cell and module production.

The preferential issue drew interest from several institutional investors and funds, including some with existing exposure to the renewable energy sector.

Alpex Solar plans to increase its solar cell capacity to 1.6 GW and triple its module capacity to 3.6 GW from the current 1.2 GW by FY 2026-27. Trial production of solar cells under the first phase is expected to begin shortly. The company is also working to make its 12,000 MTPA aluminium frame manufacturing unit fully operational.

Managing Director Ashwani Sehgal said the fundraising will help the company complete its expansion plans and move toward full-scale production of solar cells, modules, and aluminium frames. He added that Phase 1 of the 1.6 GW solar cell project, with 500 MW entering commercial production, along with the aluminium frame plant, is expected to be commissioned in FY 2026.