Why Alpex Solar Is Betting Big on a Mono-PERC Solar Cell Line

Indian solar manufacturer Alpex Solar, which has primarily focused on solar modules over its 18 years in business, is now diversifying into cell manufacturing. The company has announced plans to commission a 1.6 GW solar cell line, marking a significant step towards backward integration.

The firm has identified Kosi (Uttar Pradesh) and locations in Madhya Pradesh as potential hubs for its solar cell production. Unlike several peers who are moving quickly towards TOPCon cell technology, Alpex Solar is choosing to start withmono-PERC cells, citing strong demand and a conservative yet margin-focused approach. However, it has plans to switch to TOPCOn solar cells as per demand. 

Why Stick With Mono-PERC?

Alpex’s optimism around mono-PERC is backed by its order book. The management highlighted that nearly 90% of its Rs 1,600 crore order book is for mono-PERC modules.

“We have 18 years of manufacturing experience, so manufacturing TOPCon cells directly is somewhat risky. There is ample demand for mono-PERC cells as of now. By the time TOPCon becomes more prevalent, we can adapt and switch lines accordingly,” said Ashwani Sehgal, Managing Director, Alpex Solar, during a recent investor call.

Partnerships and Technology Support

To set up the new cell lines, the company is working withtechnology partners from Taiwan, Korea, China, and Malaysia. Alpex said the planning for solar cell lines started much before the government’s ALCM scheme, giving it a head start in execution.

Backward Integration and Expansion Plans

Alongside solar cells, the company is also investing in aluminium frame manufacturing, EPC business scale-up, and building a presence as an Independent Power Producer (IPP).

Over the next two years, Alpex Solar aims to:

• Expand module capacity from 1.2 GW to 3.6 GW

• Commission1.6 GW of solar cell plants

• Manufacture 12,000 MT of aluminium frames

• Scale EPC business to 150 MW

• Build 100 MW of IPP capacity

Diversification Beyond Modules

Alpex has also won orders from MSEDCL for solar pumps, a segment where it has an annual capacity of 21,000 pumps. The company recently attracted attention by appointing Rahul Dravid as its brand ambassador.

Highlighting examples of other listed solar firms with robust backward integration, Alpex’s management said that the strategy would lead to higher margins, stronger EBITDA, and greater financial stability.