On October 3, 2024, Alpex Solar announced the successful acquisition of a ₹521 crore loan to finance its 120 MW solar power project in India. This initiative is part of the company's broader strategy to expand solar energy capacity within the country.
In addition to the solar power project, Alpex Solar is set to establish a new 1.6 GW solar cell manufacturing plant, which will be developed in three phases with a total investment of ₹642 crore. The funding for these projects will come from a combination of bank loans, internal accruals, and equity infusion.
This development aligns with the Indian government's push for self-reliance in renewable energy, driven by increasing demand for solar installations under various government schemes. The new manufacturing facility is expected to bolster domestic production capacity, thereby supporting India's sustainable energy goals and reducing dependence on conventional energy sources.
By positioning itself as a key player in the renewable energy sector, Alpex Solar aims to contribute significantly to India's transition towards greener energy solutions.