Vikram Solar Secures 378.75 MW Order from INGEL for Gujarat Project
Filing Summary
Vikram Solar Ltd has announced a significant order win for the supply of 378.75 MW of high-efficiency solar modules. The order is from Indian Oil NTPC Green Energy Private Limited (INGEL), a joint venture between Indian Oil Corporation Limited and NTPC Green Energy Limited. The modules will be used in a 600 MW solar project located in the Kutch district of Gujarat. The delivery of the advanced N-TOPCon modules is expected to commence in FY26. This order marks Vikram Solar’s first engagement with INGEL, highlighting its role in India’s renewable energy sector.
Vikram Solar Ltd has secured an order to supply 378.75 MW of high-efficiency solar modules. The order is from Indian Oil NTPC Green Energy Private Limited (INGEL), a joint venture between Indian Oil Corporation Limited and NTPC Green Energy Limited. The solar modules will be deployed in a 600 MW solar project located near Nakhatrana in the Kutch district of Gujarat. This project is part of Vikram Solar’s strategic engagement with INGEL, marking its first collaboration with the joint venture.
The order involves the supply of advanced N-TOPCon solar modules. These modules are engineered to deliver enhanced performance and reliability in utility-scale installations. The financial terms of the order were not disclosed in the filing. However, the order is significant in size, amounting to 378.75 MW, which underscores the scale of the project and Vikram Solar’s capacity to fulfill large-scale orders.
The scope of the order includes the delivery of high-efficiency N-TOPCon modules. These modules are designed to provide improved energy yield and reliability, making them suitable for large utility-scale projects. The modules will be used in the 600 MW solar project by INGEL, reinforcing Vikram Solar’s presence in the renewable energy sector in India. The company’s advanced technology and manufacturing capabilities are highlighted through this order.
The project is situated in Gujarat, a state that plays a crucial role in India’s renewable energy expansion. The region is supported by favorable policies and robust infrastructure, making it a strategic location for renewable energy projects. Vikram Solar’s engagement in this project aligns with its commitment to advancing India’s clean energy transition through technological innovation and consistent execution.
The delivery of the modules is expected to commence in FY26. The timeline for the order specifies a delivery period within 180 days. Vikram Solar’s collaboration with INGEL is a one-time order, and there are no related party transactions involved. The order does not fall within related party transactions, and the promoter group has no interest in the entity awarding the contract.
Indian Oil NTPC Green Energy Private Limited (INGEL) is a joint venture between Indian Oil Corporation Limited and NTPC Green Energy Limited. The venture focuses on renewable energy projects, leveraging the strengths of both parent companies to advance India’s clean energy initiatives.
Vikram Solar Limited is a leading Indian solar module manufacturer specializing in efficient photovoltaic (PV) module manufacturing. The company has an international presence across 39 countries and is one of the largest PV module manufacturers in India with a cumulative production capacity of 9.5 GW. Vikram Solar is recognized as a ‘Top Performer’ in PVEL’s PV Module Reliability scorecard and is included in the Tier 1 solar PV modules manufacturer list of Bloomberg NEF for eight consecutive quarters.