Vikram Solar, a well-known name in solar module manufacturing, bags 150 MW solar module order from Maharashtra State Power Generation Company (MAHAGENCO) — a major public sector undertaking of the Maharashtra government.
This order lies under Mukhyamantri Saur Krushi Vahini Yojana (MSKVY) 2.0, which involves supply of high-efficiency N-Type solar modules to be deployed in Jalgaon and Solapur districts. The project is scheduled to be delivered in FY 2025-26 and aims to strengthen Maharashtra’s renewable energy infrastructure, reduce carbon footprint and further the state’s environmental sustainability goals.
Gyanesh Chaudhary, Chairman and Managing Director of Vikram Solar said: “We are proud to have won this order which is another step forward in our mission to power a greener India through high-efficiency solar solutions. The trust reposed in Vikram Solar is a testimony to our commitment to quality, innovation and sustainability.”
Chaudhary said Maharashtra is a high-potential market with a growing demand for clean energy solutions and is optimistic about the region’s increasing demand for renewable power.
Vikram Solar-MAHAGENCO Deal
MAHAGENCO order reinforces Vikram Solar’s position on India’s Approved List of Models and Manufacturers (ALMM) and further cements its reputation for excellence in quality and innovation. Vikram Solar’s n-type modules with enhanced efficiency and performance under various climatic conditions align with the government’s vision to promote large scale high performance solar projects across the state.
Mukhyamantri Saur Krushi Vahini Yojana 2.0 aims to empower farmers by promoting decentralized solar energy generation, reduce dependence on traditional power sources and ensure a sustainable energy future for rural Maharashtra.
Vikram Solar’s Growing Footprint
This is not an isolated win but a part of Vikram Solar’s bigger plan. The company is scaling up its manufacturing capacity rapidly, currently with 4.5 GW of PV module production capacity, plans to reach 10.5 GW by 2026 and 15.5 GW by 2027. New facilities in Tamil Nadu’s Gangaikondan and a proposed plant in the US are a testament to the company’s ambition to be a key player not just in India’s energy transformation but globally.
The company is investing in advanced technologies — bifacial modules, N-Type and Heterojunction Technology (HJT) cells, battery energy storage systems (BESS). Vikram Solar’s upcoming 1 GWh solid-state battery plant, scalable to 5 GWh is a strategic foray into energy storage which is becoming an essential part of the renewable energy ecosystem.
Vikram Solar is also digitalizing its operations, with a new Centre of Excellence (COE) at its Falta facility near Kolkata to deploy latest technologies like Digital Twin simulation systems for predictive maintenance and process optimization.
A Glimpse Into the Future
The Maharashtra order comes at a time when India’s solar industry is growing exponentially as the country targets to achieve 500 GW of non-fossil fuel based energy by 2030. As of March 2024, India’s renewable energy capacity has already tripled to 191 GW with 82 GW of solar power.
Vikram Solar’s new order with MAHAGENCO will contribute big time to this ambitious journey. Beyond just manufacturing solar panels, Vikram Solar is rapidly becoming a comprehensive renewable energy solutions provider, integrating generation, storage and smart technologies to deliver future ready energy ecosystems.
In an era where energy security, sustainability and innovation are on the national and global agenda, Vikram Solar’s progress is a beacon for India’s clean energy future — a future that is brighter, smarter and greener. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.