The development is in line with the Company’s strategy to expand its global
New Delhi, July 09, 2024: Greater Noida-based NSE Emerge-listed solar systems manufacturing Company Alpex Solar Ltd today announced the appointment of Mr. Gaurav Bector as the Global Head of its EPC (Engineering, Procurement and Construction) business effective from 01st July 2024. His appointment will help boost the company’s plans to expand its footprint in overseas markets and grow the EPC business.
Prior to joining Alpex Solar, Mr Bector was the General Manager (ME&A) of Dubai-based Qlite FZC. He has over 30 years of cross-functional experience across various domains, including sales, marketing, engineering, project management, new product development, vendor management and quality standards. He has been instrumental in developing businesses in smart buildings, LED lighting solutions, and energy management systems at top European multinationals, including Qlite FZC, Siemens LLC, Areva T&D and ABB Ltd. Mr Bector holds a B.E (Electrical) degree from R.V. College of Engineering, Bangalore University. He has also undergone the Emerging Leaders Management Training Program at IIM Bangalore and IIM Ahmedabad.
Mr Ashwani Sehgal, Managing Director, Alpex Solar,“We have been focusing on ramping up our global footprint and growing our EPC business in overseas markets. The appointment of Gaurav, a renowned professional with over 30 years of cross-functional expertise in strategic planning and execution, will help steer the company in the right direction. Alpex Solar hopes that his business development and operations management skills will offer perfect synergy and add immense value to our company’s growth plans moving forward.”
The Company recently unveiled its ambitious expansion plans to set up a greenfield facility of 1.2 GW at Kosi Kotwan, Mathura. The new project will be funded through internal accruals and loans. The Company is already executing capacity expansion at its Surajpur, Greater Noida plant, which will add 750 MW by FY25, as per the IPO objects. The company expects a capacity of 2.4 GW by FY2026 – which will enable it to meet the growing demand in India and other global key markets.
The Company has also purchased a land parcel of 7 acres (25873.27 Sq. Mtr) from Uttar Pradesh Industrial Development Authority (UPSIDA) in Kosi, Kotwal, Mathura, Uttar Pradesh, to expand the manufacturing facility and strengthen its stronghold in Green Energy space in Northern India. Kosi, Mathura is almost an extended part of NCR, has a drive of one and a half hours, and is easily approachable through the National Highway.
“Alpex Solar is already a strong player in the solar water pump business, providing complete turnkey solutions and EPC. The company has recently been awarded a prestigious order from the Jharkhand Renewal Energy Development Agency worth Rs. 11.90 Crores for the supply, installation and commissioning of 500 Solar water pumping systems under PM- Kusum Scheme and has also received an order amounting to Rs. 26.49 crores & Rs. 17.21 crores from The Director General New and Renewable Energy Department Haryana & HAREDA, Panchkula”, further added Mr. Sehgal.
Commenting on his appointment, Mr Gaurav Bector said,
“I am excited to be a part of
Alpex Solar, one of the leading global manufacturers of solar PV modules offering
comprehensive solar energy solutions with a firm emphasis on innovation in renewable
energy. I look forward to working with a team of talented and dedicated professionals
committed to the cause of sustainability and helping the company scale greater heights in
the days to come.”
Alpex Solar manufactures PV modules using monocrystalline and polycrystalline cell technologies. Its product portfolio comprises bifacial, mono-perc, and Halfcut solar PV modules. It also offers comprehensive solar energy solutions, including EPC of AC/DC Solar Pumps in both Surface and Submersible categories. It forayed into solar panel manufacturing in 2007 and built a state-of-the-art plant spread over 7,700 square meters in Greater Noida with a 1.2 GW capacity, which can be further expanded to 2 GW within the same infrastructure.
The company’s revenue from operations stood at Rs. 404.43 crore, with a profit (PAT) of Rs. 29.05 crore in the financial year ended March 2024.
The Government of India w.e.f 01.04.2024 has banned the import of solar models from abroad/China. All IPPs must buy essentially only from ALMM (Approved List of Models and Manufacturers) Ministry of New and Renewable Energy India. The actual approved capacity was notified on 22nd March 2024 by MNRE, available at https://mnre.gov.in/, and the validated Alpex Solar manufacturing capacity is 848 MW.