The proposed DFC financing would support Vikram Solar’s ambitious plan to set up a 3 GW cell and module manufacturing facility at Gangaikondan, Tamil Nadu, one of the largest in India.
The total proposed funding is expected to be over $200 million.
The manufacturing facility expansion will strengthen Vikram Solar’s position as a leading solar energy solutions provider in India, with a global footprint across 32 countries.
Vikram Solar Limited (Vikram Solar), one of the leading solar energy solutions providers with a global footprint across 32 countries, signed a ceremonial Retainer Letter with the U.S. International Development Finance Corporation (DFC) at the UN Climate Conference, COP28, for its upcoming 3 GW cell & module manufacturing facility at Gangaikondan, Tamil Nadu.
The project envisions a consequential partnership between Vikram Solar and DFC towards the clean energy revolution. The Retainer Letter was ceremonially signed on Thursday, 7th December 2023 at The Ritz Carlton DIFC (Dubai International Financial Centre) by Mr. Gyanesh Chaudhary, Chairman & Managing Director, Vikram Solar and Mr. Jacob Levine, Chief Climate Officer from DFC.
Talking about this momentous event, Mr. Gyanesh Chaudhary, Chairman & Managing Director (CMD), Vikram Solar said, “Partnering with DFC is a significant step for Vikram Solar towards fulfilling our clean energy and sustainability commitments. Remaining steadfast in our pursuit towards clean energy goals, Vikram Solar has been at the forefront of product innovation in accelerating solar adoption in India and worldwide. Our collaboration with DFC is going to be yet another crucial step towards this resolve. DFC stands as one of the most effective institutions in the stage of global development and I am certain that this alliance will pave the way for greater beginnings.”
The project will also enable Vikram Solar to maintain its domestic market leadership through strategic expansion of solar PV module manufacturing and backward integration into solar cell manufacturing.
Mr. Jake Levine, DFC Chief Climate Officer, said: “DFC is committed to unleashing the power of private capital to diversify the solar value chain and advance investments in renewable energy and low-carbon technologies. With this Retainer Letter, we have initiated our diligence process towards a formal commitment to advance India’s clean energy transition and create positive impact for the people and the planet.”
The project will contribute to India’s clean energy transition and climate action goals aligning with DFC’s climate strategy that aims to catalyze investments in renewable energy and low-carbon technologies.
