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Business News/ Companies / Vikram Solar, DFC sign retainer letter for $200 mn funding
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Vikram Solar, DFC sign retainer letter for $200 mn funding

The development finance company has started its due diligence process towards funding for Vikram Solar’s cell and module manufacturing plant in Tamil Nadu

Vikram Solar has a presence across 32 countries, and a portfolio of more than 1.50 GW engineering, procurement and construction projects (Bloomberg)Premium
Vikram Solar has a presence across 32 countries, and a portfolio of more than 1.50 GW engineering, procurement and construction projects (Bloomberg)

NEW DELHI : Vikram Solar Ltd has signed a retainer letter with the US International Development Finance Corporation (DFC) for $200 million in funding for its 3 GW cell and module manufacturing plant at Gangaikondan in Tamil Nadu.

The letter was signed at the recently concluded climate conference in Dubai, Vikram Solar said in a statement.

“Partnering with DFC is a significant step for Vikram Solar towards fulfilling our clean energy and sustainability commitments," Vikram Solar’s chairman and managing director Gyanesh Chaudhary said in the statement.

Jake Levine, chief climate officer at DFC said that the development finance institution has started its diligence process for the funding.

Vikram Solar has a presence across 32 countries, and a portfolio of more than 1.50 GW engineering, procurement and construction projects. In India, it has a solar photovoltaic (PV) module manufacturing facility with cumulative production capacity of 3.5 GW. 

On Monday, Vikram Solar announced signing of the supply contract for 152 MW crystalline bifacial solar PV modules with NTPC. The modules will power NTPC’s ambitious ground-mounted solar project at Nokh Solar Park in Jaisalmer, Rajasthan.

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Published: 19 Dec 2023, 08:14 PM IST
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