Industry Analysis :

In the Interim Budget for 2024-2025, funding for India’s solar power grid infrastructure was increased to Rs. 8,500 Crore (US$ 1.02 billion) from Rs. 4,970 Crore (US$ 0.60 billion). By December 2023, India’s installed solar capacity had reached 73.32 GW—a 26-fold increase over nine years. In 2023 alone, 7.5 GW was added, followed by 9,008.47 MW in January 2024.

Solar power now accounts for 16.9% of India’s total installed power capacity and 40.1% of its renewable energy capacity. The country has approved 59 solar parks, totaling 40 GW in capacity. In the first eleven months of FY24, India generated 75.57 billion units (BU) of solar power.

Overview of Vikram Solar:

Vikram Solar Limited, one of India’s largest solar module manufacturers, has a global presence across 39 countries and has shipped over 5.4 GW of solar modules worldwide. Founded in 2005, the company operates factories in Kolkata and Chennai. In FY 2023-24, it produced over 16,11,014 modules and shipped 878 MW globally.

Vikram Solar’s portfolio includes over 1,400 MW of completed EPC projects and an additional 700 MW of ongoing Operations and maintenance projects. Notable achievements include a 152 MW contract with NTPC, a 250 MW project with Gujarat Industries Power, and a 397.7 MW supply for NTPC's Gujarat Solar Project.

The company has been named a ‘Top Performer’ in PVEL’s reliability scorecard for six consecutive years and has a 3.5 GW production capacity listed in Bloomberg NEF’s Tier-1 ranking. Vikram Solar has also introduced advanced TOPCon and HJT PV modules.