New 2.2 GW G12R cell facility, powered by an internal accrual of ~₹136 Crore, is designed to secure long-term profitability and avoid future upgrade disruptions

New Delhi, India –Alpex Solar Limited, a leading integrated solar energy manufacturer, today announced a significant strategic pivot in its manufacturing roadmap, upgrading its planned solar cell production from a phased PERC to TOPCon, state-of-the-art 2.2 GW solar cell manufacturing.

The company will now focus on the production of high-efficiency G12R generation TOPCon cells at its facility in Kosi Kotwan. This decisive move positions Alpex Solar at the forefront of the technological evolution in the Indian solar manufacturing landscape.

This additional project cost of approximately Rs. 136 Crore, due to the upgraded TOPCon technology and enhanced capacity, will be met entirely through internal accruals. This new facility is designed to secure long-term profitability and avoid the disruptive costs of a future upgrade. The company will be among the nation’s first to produce these high-efficiency G12R cells, with the expansion executed in two phases: a 1.4 GW phase becoming operational in Q1 of FY26-27, followed by the remaining 800 MW within six months. This decisive move positions Alpex Solar at the forefront of India’s solar manufacturing landscape, ensuring its product offering meets accelerating global demand and aligning its output with its 3.6 GW module capacity and the upcoming ALMM List 2 mandate.

Mr. Ashwani Sehgal, Managing Director of Alpex Solar commented, “The solar industry is evolving at an unprecedented pace, with TOPCon technology rapidly becoming the new global standard. Our decision to pivot directly to 2.2 GW of G12R TOPCon cell production is a bold, forward-looking strategy that reflects our commitment to innovation and market leadership. This move insulates us from future upgrade costs and downtime, positioning Alpex as one of the first manufacturers in India to produce these high-efficiency G12R cells. This significant step solidifies our foundation for robust, long-term profitability and sustainable growth.”

Operational and Financial Advantage:By adopting a direct-to-TOPCon strategy, Alpex Solar avoids the costly and disruptive need to later shut down the factory for a PERC-to-TOPCon upgrade. This preemptive action mitigates potential future revenue loss and factory downtime, safeguarding profitability and ensuring continuous operation.

Timeline and Market Readiness:Despite the substantial technology change, the project timeline remains largely unchanged, with trial production of 1.4 GW expected to commence in Q1 FY26-27 and the entire capacity of 2.2 GW TOPcon Solar cell would be fully functional during FY 26-27. This timing strategically aligns the company’s output with its ramping module capacity, which is set to reach 3.6 GW. Furthermore, this early adoption ensures Alpex Solar is well-prepared for the implementation of the Approved List of Models and Manufacturers (ALMM) List 2 mandate, scheduled to go into effect in June 2026.

This accelerated transition to advanced technology reinforces Alpex Solar’s vision to be a key player in India’s renewable energy sector, delivering world-class, high-efficiency solar components that meet the stringent demands of the domestic and international markets.

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