Alpex Solar shares hit the 5% upper circuit in morning trade after the company secured a ₹521 crore loan for its 120 MW solar power project.
In addition to this project, Alpex Solar intends to further expand with a new 1.6 GW solar cell manufacturing plant. The new facility is going to be built in three phases with a total cost of ₹642 crore.
The project is going to be financed through bank loans, internal accruals and equity infusion, therefore contributing to India’s goal for renewable energy.
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