Alpex Solar Inks Deal to Source 300 MW Solar Cells From TP Solar

Greater Noida-based Alpex Solar has entered into a definitive procurement agreement with TP Solar to source solar cells with a minimum aggregate capacity of 300 MW, according to a regulatory filing shared by the company.

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The company stated that the tie-up will ensure uninterrupted production until it begins manufacturing solar cells at its Kosi Kotwan facility, which is expected to start operations during the current fiscal year.

"This initiative is aimed at securing long-term supply chain stability, supporting manufacturing expansion, and enhancing production capacity. It aligns with the company’s growth objectives and is expected to boost future scalability and market competitiveness," the company added.

Alpex also noted that the arrangement with TP Solar could support deliveries to clients such as the Solar Energy Corporation of India (SECI), the Central Mine Planning and Design Institute (a subsidiary of Coal India Ltd), NTPC, and Singareni Collieries Company Ltd.

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However, the company cautioned that actual outcomes will depend on market conditions, timely execution of supply agreements, vendor performance, and other implementation factors.

Solar Cell Manufacturing Plans

Alpex Solar has secured shareholder approval to set up a 1.6 GW solar cell manufacturing facility. Until the new plant becomes operational, the company will continue to rely on external procurement for its solar cell requirements.

In line with its expansion plans, Alpex has announced an increase in module manufacturing capacity from 900 MW to 2.4 GW, along with the establishment of the 1.6 GW solar cell facility. As part of its 2024 roadmap, the company also aims to launch new verticals while strengthening its core solar module manufacturing business.

The company also plans to diversify into solar cell manufacturing, aluminum frame production, and expand as an Independent Power Producer (IPP). It has previously shared plans to invest a CAPEX of Rs. 642 crores at its planned 1.6 GW cell manufacturing line. The facility will be used to manufacture Mono Perc and Topcon cell technology. To fund this project, Alex Solar intends to use a combination of internal accruals, equity, and debt.