Vikram Solar

Vikram Solar Limited
Company typeLimited company
IndustrySolar energy
Founded2005; 20 years ago (2005)
FounderGyanesh Chaudhary
Headquarters"The Chambers", 8th Floor, 1865, Rajdanga Main Road,
Kolkata, West Bengal
,
India[1]
Area served
Worldwide
Key people
Gyanesh Chaudhary
(CMD)[2]
ProductsSolar modules
ServicesSolar Photovoltaic (PV) module manufacturing, project engineering and construction, Operation and Maintenance
RevenueINR 25,109.90 Million[3] (FY 2023-24)
Number of employees
1,513 employees and 728 contractual employees (FY 2023-24)
Websitewww.vikramsolar.com

Vikram Solar Limited is an Indian company based in Kolkata. It is one of the largest solar module manufacturers in India (by capacity), with 3.5 GW module manufacturing capacity annually.[4] The company's primary business focus is manufacturing solar Photovoltaic (PV) modules, and also carrying out engineering, procurement, and construction services and operations and maintenance of solar power plants.[5][6][7][8]

History

Vikram Solar was founded in 2005 by Gyanesh Chaudhary[9] as a manufacturer of solar modules. It has since moved into engineering, procurement, and construction management, and solar power plant operations and maintenance.[10][11] Vikram Solar commenced manufacturing operations in 2009[12] with an installed solar PV module manufacturing capacity of 12.00 MW, which has grown to 3.50 GW installed capacity as on March 2024.[12]

The company has existing manufacturing facilities at Falta SEZ in Kolkata, West Bengal and Oragadam in Chennai, Tamil Nadu.

In 2009, Vikram Solar supplied, installed and commissioned 1st phase of 500 KW solar power plant at Solar Park Kottenheim, Germany, its 1st international utility-scale EPC project[12]

In 2011, 3 MW solar plants installed under the National Solar Mission of India[12]

In March 2013, Vikram Solar contributed to the solarisation of World’s 1st solar airport in Kochi, Kerala[13]

In early 2014, the company designed, installed and commissioned India’s 1st ever floating solar plant in Kolkata, WB. In this year, the company was also listed as Tier-1 PV Module Maker in the Bloomberg NEF rankings as of quarter 1 of 2014.[14]

2015-2019

In 2015, Vikram Solar reached a production capacity of 500 MW[12] and signed an agreement with British Solar Renewables (BSR) to supply solar modules with a total output of 30 MW.[15] The company’s modules were awarded the “Excellent Performance” certificate in April.[16] The firm also played a key role in the commissioning of India’s largest rooftop solar installation at Kolkata airport the same year in December.[17]

In 2016, it was recognized as one of the top three solar players in India’s Solar Photovoltaic Market Outlook.[18] In February of the same year, Vikram Solar expanded its presence in Sub-Saharan Africa through a partnership with Powertech Africa, entering 14 new markets, including Botswana, Zimbabwe, and Tanzania in February. This added to its existing offices in Kenya, Uganda, and South Africa.[19] The company also won the National Excellence Award[20] and signed an MoU with teamtechnik.[21] in the following months. In the month of October, Vikram Solar formed a strategic cooperation to enter the Finnish market [10] and later that year, in November, signed a MoU with the Indian Institute of Engineering Science and Technology (IIEST) at the Rashtrapati Bhavan.[11]

In 2017, the company reached a manufacturing capacity of 1 GW,[22] and by July of the same year, its modules became one of the top performers according to DNV GL testing standards.[23] It launched its new monocrystalline product line, SOMERA shortly after.[24]

Vikram Solar’s growth continued into 2018, with Mr. Gyanesh Chaudhary being appointed Chairman of the Renewable Energy & Energy Storage Division of IEEMA in January.[25] The company expanded internationally, opening a sales office in Massachusetts, USA in February[26] and partnering with France’s CEA in March to drive innovative technology research.[27] The firm established an office in Gurgaon[28] and launched the Tigo-integrated Smart module called SOLIVO at Intersolar Munich in the following months.[29] The half-cut cell module was unveiled as well by the firm at REI 2018 and they also commissioned a 200 MW plant in Andhra Pradesh for a solar power generation company.[12][30]

In 2019, Vikram Solar secured a contract to install a 140 MW solar project for NTPC and commissioned East India’s largest single shed rooftop project of 2.15 MW.[12][31]

2020-Present

In 2020, the company secured a 300 MW project from National Thermal Power Corporation Limited (NTPC).[32] It also ranked 32nd on Fortune India's Next 500 list in March.[33] By December, Vikram Solar had commissioned a 919.73 kWp rooftop plant in Falta, West Bengal, to power part of its solar manufacturing operations.[34]

The company launched the M6 cell series modules in 2021 becoming the first Tier 1 solar company in India to do so.[35] It also commissioned a 225 MW plant for NTPC in Uttar Pradesh, the largest in the state,[36] and continued its streak as a 'Top Performer' in the PVEL PQP Reliability Scorecard for the fourth time in five years.[37] By June, the company surpassed 3 GW in terms of modules shipped globally[38] and Vikram Solar became India’s largest module manufacturer with up to 2.5 GW capacity and inaugurated a 1.3 GW module manufacturing facility in Chennai.[39]

In 2022, Vikram Solar reached a milestone of 2.5 GW in module production capacity.[12] The company also secured a 350 MW module supply contract in the US[12] and achieved certifications for its M10 and G12 cell modules from TUV Rheinland and UL 61730:2022 for its factories in Panaiyur Village, Kanchipuram, and Falta SEZ.[12]

In 2023, the company increased its module production capacity to 3.5 GW[12] and received accreditation from NABL in accordance with ISO/IEC 17025:2017, becoming the second solar company in India and the first in Eastern India to achieve this.[12]

Vikram Solar became India’s only Tier 1 module manufacturer and was featured in BNEF’s list in 2024.[12] It also secured the 'Top Performer' position from KIWA PVEL for the seventh time in eight years.[12] Additionally, it launched n-type monocrystalline cells with Tunnel Oxide Passivated Contact (TOPCon) and heterojunction (HJT) PV modules. It is also moving towards a vertically integrated setup with plans to establish a 3 GW solar cell manufacturing facility in Tamil Nadu and a 3 GW solar manufacturing facility in the US.[12]

Projects

Vikram Solar has more than 275 projects which have been executed or are under execution with an aggregate capacity of 1.03 GW, as of March 31, 2024.

Below are some of Vikram Solar's project references:

India


The company has also installed and commissioned solar projects totaling 4,015 kW in six airports, namely:

  1. 2.00 MW at Netaji Subhas Chandra Bose International Airport, Kolkata, West Bengal;
  2. 750 kW at Calicut International Airport, Calicut, Kerala;
  3. 725 kW at Dibrugarh Airport, Dibrugarh, Assam;
  4. 220 kW at Gondia (Birsi) Airport, Gondia, Maharashtra;
  5. 220 kW at Gaya Airport, Bodhgaya, Bihar and
  6. 100 kW installation at the Cochin International Airport, Kochi, Kerala, which is the world’s first fully solarized airport[12]


In 2024, the Company has won marquee orders to supply modules to large projects such as the 397.70 MW project developed by NTPC, Renewable Energy Limited in Gujarat, 393.90 MW project developed by NLC India Limited in Gujarat and 251.25 MW developed by GIPCL in Gujarat Hybrid Renewable Energy Park in Kutch, Gujarat.[12]

The company also has recently won a huge 1.00 GW order from one of the subsidiaries of JSW Energy Limited for supply of high - efficiency solar PV modules in CY 2024.[12]

Abroad

  • Vikram Solar Supplied 52.6 MW of Modules to Southern Current, United States.[54]
  • 4.2 MW project commissioned in the US with Vikram Solar modules.[55]
  • 312 kWp solar system installed by Finnwind Oy with Vikram Solar modules at Helsinki-Vantaa Airport.[56]

Recognition

In 2024

  • The Company was awarded ‘Best Project of the Year - Ground Mount’ category in Solar Quarter State Leadership Awards (Rajasthan), 2024 by FirstVIEW Intelligent Business[12]
  • The Company’s manufacturing facility in Falta was awarded Gold Medal at the National Awards for Manufacturing Competitiveness (2023–24) by International Research Institute for Manufacturing, 2024[12]

In 2023

  • The Company was awarded ‘Company of the Year: Module Domestic (Platinum)’ award at the Utility Solar Show India Leadership Awards 2023 by FirstVIEW Intelligent Business[12]
  • The Company was awarded ‘Smart Technology Innovation of the Year (Modules)’ award at the 'Utility Solar Show India Leadership Awards 2023 by FirstVIEW Intelligent Business[12]
  • The Company was awarded ‘Gold CCQC-2023’ award by the Quality Circle Forum of India, Kolkata Chapter, 2023[12]
  • The Company was awarded the ‘Silver Award’ at the CII-SR EHS Excellence Awards 2023, by the Confederation of Indian Industry[12]

In 2022

  • The Company was awarded ‘Company of the Year: EPC’ and ‘Module Company of the Year: National (Platinum)’ at the India Utility Solar Week Leadership Awards, 2022 by FirstVIEW Intelligent Business[12]
  • The Company was awarded the ‘Special Jury Award’ under unlisted medium category of the first edition of the corporate governance recognition 2022 event by the Bengal Chamber of Commerce and Industry
  • The Company was awarded the ‘Best Green Energy Initiative Company of the Year’ award at the dare to dream event, 2022
  • The Company was awarded the ‘Silver award for Manufacturing and Engineering’ at the fourth ICC National Occupational Health & Safety Award
  • The Company was awarded the ‘Innovative Project and Jury Choice (Product Development) Award’ at ICC’s 2nd Green Urja and Energy Efficiency Awards
  • The Company was awarded the ‘EPC Company of the Year: Commercial’, ‘Company of the Year: Module’ and ‘Smart Technology Innovation of the Year- Solar Module’ at the India Rooftop Solar Congress Awards, 2022 by FirstView Intelligent Business[12]

In 2021

  • The Company was awarded ‘Company of the Year: EPC’ and ‘Outstanding Product Innovation of the Year’ at the India Utility Solar Week Leadership Awards, 2021 by FirstView Intelligent Business[12]

In 2020

  • Won Module Manufacturer of the Year: Make In India (1.2 GW), Smart Technology Innovation of the Year – Cell Modules, Outstanding Technology Innovation of the Year – MBB Half-cell Modules, Technology of the Year: Utility Solar Module, Module Company of the Year: Testing equipment Award in PV Module Tech Awards by Solar Quarter on 12 November[57]
  • Best Performing Modules of the Year and Best Solar Project on-site Service team Award by Solar Quarter at RE Assets India on 21 February[58]
  • Business Leader of the Year Award by ET Now in Customer Centric Excellence category on 19 February
  • Module Manufacturer of the Year award by Solar Quarter at Indian Rooftop Solar Congress India event on 27 January

In 2019

  • The Company was a Gold Award Winner in the category ‘Best Performing Modules of the Year-Domestic Manufacturer – Utility Solar’ for outstanding achievement in the renewable energy sector at the RE Assets Excellence Awards, 2019 by Solar Quarter
  • The Company was conferred with the award for ‘Outstanding Contribution in Renewable Energy EPC for 80 MW Solar Project in Charanka, Gujarat’ at the 8th EPC World Awards
  • Active Customer Engagement Award from CII on 22 January[59]
  • India Rooftop Solar Congress Leadership Awards 2018 by Solar Quarter on 17 January
  • CBIP Awards from Power Minister Shri R.K. Singh on 4 January[60]
  • India's Most Preferred Brands Award on 3 January

In 2018

  • The Company received the Gold Award for being the ‘Top Exporter, West Bengal – MSME’ at the 6th Export Excellence Awards, 2017–18, by Federation of India-Export Organizations (eastern region)
  • The Company was presented with West Bengal Best Employer Brand Awards 2018 at the 13th Employer Branding Awards by World HRD Congress
  • The Company was declared the winner for its Outstanding Achievement in the Leadership Category of Solar Module Company of the Year by Solar Quarter- India Rooftop Solar Congress, 2018
  • The Company received the ‘Manufacturing Leadership Award in the Solar Sector’ at the West Bengal Manufacturing Leadership Awards, 2018
  • No. 1 Solar Panel Manufacturer of the year and No. 1 Grid Sharing Solar PV Power Solution Provider of The Year award from Soft Disk on 8 December[61]
  • Dare-to-Dream Awards, Kolkata manufacturing leadership awards and Kolkata Best Employer Brand Awards on 30 October[62]
  • Leading RE Manufacturer Awards from REI event on 17 September[63]
  • Solar Module Company of the Year and Rooftop Solar EPC Company of the Year award by Solar Quarter on 18 January[64]
  • Fastest Growing Company by ET Bengal Corporate Awards on January[65]

In 2017

  • Gold Certificate of Merit by Frost & Sullivan on 13 December[66]
  • Kolkata Best Employer Brand awards by Employer Branding Institute India on 8 November[67]
  • Leading Renewable Energy Manufacturer Solar Module Awards by REI on 20 September[68]
  • CEO and MD of Vikram Solar, Mr. Gyanesh Chaudhary was conferred with Emerging Leader Award by CMA on 16 March[69]
  • The Company received an award for ‘Best Solar Energy Solutions Provider 2017' at the APAC Insider Business Awards, 2017
  • The Company received the ‘Highest Job Creator Award’ in the above ₹ 500 crores to ₹ 1000 crores category at the ET Bengal Corporate Awards 2017 by The Economic Times[12]

In 2016

  • Fastest growing company in INR 300–1000 crore category by Economic Times of India[70]
  • National excellence award for Rooftop Solar Power Projects in the Domestic Solar Module Manufacturers Category by MNRE on 13 June[71]

In 2015

  • The Company received a certificate for special recognition in the category of Leading Renewable Energy Manufacturers- Solar at the Renewable Energy India Awards, 2015[12]

See also

References

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  4. ^ Mohanty, Shashwat. "largest manufacturer in India". The Economic Times.
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  7. ^ "Vikram Solar commissions 40 MW plant in Madhya Pradesh". Business Standard India. Business Standard. 12 May 2015. Retrieved 30 July 2016. [verification needed]
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  53. ^ "Vikram Solar successfully commissions India's first floating PV power plant". sunwindenergy.com. 13 January 2015. Retrieved 13 September 2019.
  54. ^ "Vikram Solar panels used on 52.6-MW Southern Current project". 24 September 2018.
  55. ^ "4.2 MW Project Commissioned in the USA with Vikram Solar Modules". 25 June 2018. Retrieved 31 March 2023.
  56. ^ "Solarserver | das Internetportal für erneuerbare Energien".
  57. ^ "5 Prestigious awards". 13 November 2020.
  58. ^ "award picture".
  59. ^ "Vikram Solar bags the CII Award for Customer Obsession - 2018". 2018.
  60. ^ "Vikram Solar awarded with 'Best Contribution in Solar Energy' by MNRE Minister at CBIP Awards". 5 January 2019.
  61. ^ "28th SD Awards Presentation Ceremony".
  62. ^ "Vikram Solar conferred with three prestigious awards". 17 December 2018.
  63. ^ "Renewable energy awards".
  64. ^ "Solar Quarter".
  65. ^ "ACAE".
  66. ^ "Vikram Solar bags Gold Certificate at Frost & Sullivan & FICCI's India Manufacturing Excellence Awards 2017". 15 December 2017.
  67. ^ "Kolkata".
  68. ^ "Renewable Energy India Awards 2017". 2017.
  69. ^ "Kolkata". 18 March 2017.
  70. ^ "ET Award". Archived from the original (JPG) on 24 January 2019.
  71. ^ "National Excellence Award". Archived from the original (JPG) on 24 January 2019. Retrieved 31 March 2023.