This is in partnership with Vikram Solar.
With nearly two decades of contribution to India’s solar industry, Vikram Solar is one of the largest solar PV module manufacturers as of March 31, 2024, helping to achieve India’s 500 GW renewable energy goal by 2030.
In this growth journey, Vikram Solar has achieved several industry firsts and established itself as a leader based on global and national benchmarks for product quality and efficiency.
With future plans for solar PV cell manufacturing, battery energy storage systems (BESS), a vendor park, solar PV waste recycling and more, the company is focusing on building a global ecosystem of interconnected renewable energy solutions and strengthening the Atmanirbhar Bharat vision.
Battery Energy Storage System
The company plans to develop battery energy storage capacity to store renewable energy during off-peak hours for supply during peak demand. It will start with a greenfield project of 1.00 GWh, gradually expanding to 5.00 GWh. This represents a strategic move to capitalise on the growing demand for BESS and contribute to revenue and profitability growth.
Vendor Park
To reduce dependence on imports of critical raw materials from China and Southeast Asia and to develop a robust local ecosystem for raw material availability, Vikram Solar is developing a vendor park co-located with its upcoming integrated solar cell and PV module manufacturing facility in Tamil Nadu.
PV Recycling
The Ministry of New and Renewable Energy (MNRE) has identified solar PV recycling as one of the priority thrust areas under the Renewable Energy – Research and Technology Development Programme.
Vikram Solar’s Journey
Vikram Solar, completing two decades in 2025, has made significant contributions to India’s solar industry, including designing and installing the world’s first fully solarised airport in Kochi, Kerala (100kW capacity). The company has been consistently recognised for module reliability, appearing eight times on the KIWA PVEL scorecard, including 2025, and seven consecutive years since 2019. Vikram Solar has also adopted the half-cut cell module technology following MNRE’s ALMM guidelines in March 2021. Its clients include NTPC, GIPCL, NLC, and JSW Energy. The company integrates digital technologies like AI, machine learning, virtual and augmented reality, and robotic process automation into manufacturing. Its R&D lab in Falta, West Bengal is NABL accredited and plans are underway to establish a Centre of Excellence there.
Industry
According to the DRHP, India was the world’s third-largest producer of wind and solar electricity in 2023, contributing 10% of global generation. As one of India’s largest solar PV module manufacturers, Vikram Solar works with clients including NTPC, Gujarat Industries Power Company, NLC India, and various state governments to build infrastructure supporting India’s 500 GW renewable energy goal by 2030.
Capacity And Vision
Vikram Solar has completed a 1 GW capacity expansion at Falta and technology upgrades at Oragadam earlier this year. The company currently has over 4.50 GW of manufacturing capacity, with 2.43 GW listed on MNRE’s approved manufacturer list as of July 2024. Its expansion plans include establishing a fully integrated solar cell and module manufacturing facility in Tamil Nadu by 2027, entering solid-state battery storage with a 1 GWh facility scalable to 5 GWh, and advancing cell manufacturing to enhance backward integration and domestic production, along with plans for PV recycling.
With India’s renewable energy sector experiencing unprecedented growth and the government’s push for energy security through domestic manufacturing, Vikram Solar’s next chapter represents a strategic play to capitalise on India’s solar infrastructure boom while positioning for the next phase of battery storage and integrated energy solutions.
As India races toward its 500 GW renewable target, Vikram Solar’s combination of manufacturing scale, execution capability, global market presence, and diversification into next-generation technologies positions it as a player in India’s green energy transformation story.
Disclaimer
Vikram Solar and all its accompanying logos are trademarks of Vikram Solar Limited registered in India. Vikram Solar Limited (“Company”) is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a red herring prospectus dated August 12, 2025 (“RHP”) with Registrar of Companies, West Bengal at Kolkata, Securities and Exchange Board of India (“SEBI”) and the stock exchanges. The RHP is available on the websites of the Company at www.vikramsolar.com, SEBI at www.sebi.gov.in , as well as on the websites of the book running lead managers, JM Financial Limited at www.jmfl.com, Equirus Capital Private Limited at www.equirus.com, Nuvama Wealth and Investment Limited at www.nuvamawealth.com, UBS Securities India Private Limited at www.ubs.com and PhillipCapital (India) Private Limited at www.phillipcapital.in and the websites of the stock exchange(s) at www.nseindia.com and www.bseindia.com, respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” of the RHP. Potential investors should not rely on the draft red herring prospectus for any investment decision.
For further information, please contact: Srabani Sen| Vikram Solar | Mobile: +91 7349661300| Email: press@vikramsolar.com
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