The IPO-bound company has also bid for high-efficiency solar PV modules under PLI that could potentially have an additional 1.6 GW capacity
The IPO-bound company has also bid for high-efficiency solar PV modules under PLI that could potentially have an additional 1.6 GW capacity
Solar module maker Vikram Solar Limited is planning to double the production capacity from 2.5 GW to 6.3 GW in the next two years.
As a part of its expansion plan, the company is setting up a new facility in Tamil Nadu with a capacity of 2 GW to manufacture Solar Photo Voltaic (PV) modules. The facility will be backward integrated with solar cell manufacturing capacity of 2 GW. At the site located in Oragadam, Tamil Nadu, the company already operates a unit with a manufacturing capacity of 1.3 GW.
In addition, it operates a 1.2 GW capacity plant at Falta in West Bengal and is currently adding 1.8 GW of capacity to take the total capacity in the state to 3 GW.
In addition, the company has submitted a bid to the Indian Renewable Energy Development Agency under the Production Linked Incentive (PLI) scheme for high-efficiency solar PV modules that can add 1.6 GW of capacity taking the cumulative capacity to 7.9 GW. .
According to the draft red herring prospectus filed with regulator Sebi, the company has earmarked Rs 1,238 crore for capital expenditure for the proposed expansion from the funds raised through the IPO.
Gyanesh Choudhary, Vice President and Managing Director, Vikram Solar, said, “Our business is focused on the environment and we strive to facilitate a carbon-free future through the use of our solar PV modules, an eco-friendly way of generating electricity. is.” ,
He added, “We are one of the largest Indian solar PV module manufacturers with 2.5 GW, including trial production, a strong presence in domestic and international markets as well as a large order offering giving clear visibility on future growth. Booked.”
The company is in the business of manufacturing solar modules for the past 12 years, and has developed engineering capabilities in the production of high-efficiency PV modules, he said.
It has a sales office in the US and a purchase office in China. The firm had supplied solar PV modules to customers in 32 countries as of December 31, shipping over 300 MW of solar PV modules internationally. As per the filing, exports accounted for 15.8% of total revenue from operations in September 2021.