Vikram Solar Secures 148.9 MW Module Order from Sunsure Energy for FY2025-26 Delivery

EXECUTIVE SUMMARY

Vikram Solar Limited has finalized a supply agreement with Sunsure Energy to provide 148.9 MW of high-efficiency solar modules. The contract specifies the delivery of advanced M10R N-Type TOPCon bifacial modules to support Sunsure’s expanding portfolio of large-scale renewable plants. The agreement facilitates the provision of reliable, clean power to industrial consumers as part of India’s ongoing energy transition.

TRANSACTION SPECIFICATIONS

The technical and logistical requirements of the agreement are structured to meet aggressive project execution timelines:

• Order Capacity: 148.9 MW.
• Module Technology: M10R N-Type TOPCon (Tunnel Oxide Passivated Contact) bifacial glass-glass modules.
• Power Rating: 595 Wp per module.
• Technical Standards: The modules utilize G12R-based technology, offering superior energy yield and enhanced reliability. Technical advantages include lower Light Induced Degradation (LID), improved performance in low-light conditions, and high insulation resistance to ensure electrical safety in diverse environments.
• Delivery Timeline: Full supply is required within 60 days of the Notice to Proceed (NTP). Final delivery is projected for January 2026, placing project completion within Q4 of Fiscal Year 2025-26.

PROJECT DEPLOYMENT AND APPLICATION

The deployment of these modules is strategically timed to coincide with a broader market surge in India’s open-access segment.

• Geographic Focus: The modules will be utilized in solar projects located in Maharashtra and Uttar Pradesh.
• Business Models: This capacity supports Commercial & Industrial (C&I) Open Access installations and Corporate Power Purchase Agreements (PPAs).
• Market Drivers: This order contributes to a significant rise in solar open-access installations as developers accelerate project execution to meet deadlines ahead of the transition to ALMM (Approved List of Models and Manufacturers) List-II-compliant solar cells and modules.
• Operational Objective: The deployment supports Sunsure Energy’s mission to provide round-the-clock (RTC) green energy to heavy industries by integrating high-quality PV modules with advanced Battery Energy Storage System (BESS) technologies.

COMPANY PROFILES

Vikram Solar Limited Vikram Solar is a leading Indian solar photovoltaic manufacturer with a current cumulative production capacity of 4.5 GW, with stated expansion plans reaching 15.5 GW for modules and 12 GW for cells. The company has shipped 10 GW of solar modules globally across 39 countries. It is recognized as a Tier 1 manufacturer by Bloomberg NEF and was designated a “Top Performer” in the 2025 PVEL PV Module Reliability Scorecard.

Sunsure Energy Founded in 2014, Sunsure Energy is an Independent Power Producer (IPP) backed by a $400 million equity commitment from Partners Group AG. The company currently manages 600 MW of operational assets and has a development pipeline of 7.10 GW across Maharashtra, Uttar Pradesh, Tamil Nadu, Rajasthan, and Karnataka. Sunsure aims to achieve a total capacity of 10 GW by 2030.

OFFICIAL EXECUTIVE STATEMENTS

“India recently crossing the 125 GW renewable energy capacity mark is a powerful reminder of the momentum we’ve built on our clean energy journey. We are moving swiftly and decisively toward our national goals, and collaboration with Sunsure Energy play a vital role in sustaining that progress. By combining technological excellence with strong industry partnerships, we are not just accelerating project execution but also strengthening the collective ecosystem that will power India’s clean energy future.” — Gyanesh Chaudhary, Chairman & Managing Director, Vikram Solar

“At Sunsure, our mission is to empower India’s industries with reliable, round-the-clock green energy by building large-scale renewable plants equipped with superior-quality modules and advanced BESS technologies, while upholding the highest standards of operational excellence. Partnering with Vikram Solar for our upcoming projects in our key markets – Uttar Pradesh and Maharashtra, reflects our commitment to integrating world-class technology with efficient execution.” — Manish Mehta, Co-Founder & Chief Commercial Officer, Sunsure Energy

STRATEGIC CONTEXT (GROUNDED DATA)

This transaction is situated within the following national and market-specific frameworks:

• National Energy Targets: This agreement supports India’s mandate to achieve 500 GW of non-fossil fuel-based energy capacity by 2030 and its target of 50% cumulative electric power installed capacity from non-fossil resources by 2030.
• Recent Vikram Solar Market Activity: The 148.9 MW Sunsure order is part of a high-volume period for Vikram Solar, as detailed in the recent orders below: