The IPO-tied company has also bid on PLI for high-efficiency solar PV panels that could potentially add 1.6 GW of capacity
The IPO-tied company has also bid on PLI for high-efficiency solar PV panels that could potentially add 1.6 GW of capacity
The solar module manufacturer Vikram Solar Ltd. plans to more than double its production capacity from 2.5 GW to 6.3 GW over the next two years.
As part of its expansion plan, the company is constructing a new 2 GW solar photovoltaic (PV) module manufacturing facility in Tamil Nadu. The plant will be backward integrated with a production capacity of 2 GW for solar cells. At the site in Oragadam, Tamil Nadu, the company already operates a unit with a production capacity of 1.3 GW.
It also operates a 1.2 GW facility at Falta in West Bengal and is currently adding 1.8 GW of capacity to bring the total capacity in the state to 3 GW.
In addition, the company has submitted a bid under the Production Linked Incentive (PLI) program for high-efficiency solar PV modules to the Indian Renewable Energy Development Agency, which could increase capacity by 1.6 GW, bringing the total capacity to 7 .9 GW.
The company has earmarked £1,238 billion for investment in its proposed fundraising expansion through an IPO, according to its draft prospectus filed with regulator SEBI.
“Our business is green and we strive to enable a zero-carbon future by deploying our solar PV panels, which are an environmentally friendly method of generating electricity,” said Gyanesh Chaudhary, Vice Chairman and Managing Director of Vikram Solar.
“We are one of the largest Indian PV solar panel manufacturers with 2.5 GW including trial production, a strong presence in domestic and international markets as well as a large order book that offers a clear view of future growth,” he said.
The company has been engaged in solar panel manufacturing for 12 years and has developed technical skills to produce high-efficiency PV panels, he said.
It has a sales office in USA and a sourcing office in China. The company has shipped solar PV modules to customers in 32 countries as of December 31, and shipped more than 300MW solar PV modules internationally. Exports accounted for 15.8% of total operating income, according to the September 2021 filing.
