DBT Bureau
Pune, 18 Feb 2025
Alpex Solar Ltd, a provider of high-power solar PV modules and solar systems, reported that it has secured a significant order from Maharashtra State Electricity Distribution Co. Ltd (MSEDCL). Valued at Rs 45 crore, the order is part of the Magel Tyala Saur Krushi Pump scheme, a key initiative aimed at enhancing agricultural productivity by providing farmers with access to sustainable solar-powered water pumps.
As part of this significant contract, Alpex Solar will supply MSEDCL with 2,000 solar water pumps, helping to accelerate the use of clean energy in agriculture across Maharashtra. This order highlights the increasing trust placed in Alpex Solar’s high-quality solar solutions, which align with India’s broader goals of promoting renewable energy adoption and improving agricultural efficiency.
Strategic Importance of the MSEDCL Order
The order from MSEDCL is part of the Government of Maharashtra’s Magel Tyala Saur Krushi Pump scheme, which aims to promote the use of renewable energy in agriculture by equipping farmers with solar-powered water pumps. The scheme enhances farmers’ livelihoods by reducing their dependency on grid electricity and contributes to reducing carbon emissions in India’s agricultural sector.
For Alpex Solar, the order signifies a strategic opportunity to contribute to this vital government initiative while reinforcing its presence in the rapidly growing solar water pump market. This segment is set for considerable expansion as India escalates its efforts to shift towards cleaner, more sustainable energy solutions, particularly in rural and agricultural areas.
Ashwani Sehgal, Managing Director of Alpex Solar Limited, stated, “This order from MSEDCL represents a significant milestone for Alpex Solar, highlighting the trust placed in our technology and capabilities. With our recently expanded manufacturing facility in Greater Noida, we are fully equipped to meet the requirements of this order promptly and efficiently. Our commitment to quality and innovation continues to distinguish us in the renewable energy sector. This achievement, coupled with our robust financial performance, reinforces Alpex Solar’s position as a market leader, while further facilitating India’s transition towards a more sustainable energy future.”
Facility Expansion and Operational Readiness
The newly secured order will be fulfilled through Alpex Solar’s state-of-the-art manufacturing facility in Greater Noida, which has recently expanded to increase its capacity to 1.2 GW. This strategic expansion enables the company to manage large-scale projects with enhanced efficiency and speed, ensuring it remains at the forefront of India’s solar energy industry.
The Greater Noida plant is one of six advanced production units across four key locations in Northern India, each designed to support Alpex Solar’s rapidly growing business. These facilities provide the necessary scale for large projects and reflect the company’s commitment to advancing technology and maintaining stringent quality control measures across its production lines.
Strengthening a Remarkable Growth Trajectory
This order comes as Alpex Solar experiences strong business momentum, having reported exceptional financial results for Q3 FY25. The company achieved a remarkable 137% growth in total income, reaching Rs. 188.13 crore compared to Rs. 79.30 crore in Q3FY24. Alpex Solar’s profitability has also considerably increased, with EBITDA rising by 352% to Rs. 37.50 crore, alongside an improved EBITDA margin of 19.9%.
