Vikram Solar Surpasses 10 GW Global Deployment Milestone, Doubling Capacity in Two Years

Kolkata-headquartered Vikram Solar reached a defining industrial milestone on April 13, 2026, as the company officially surpassed 10 GW in cumulative global solar module deployments. This achievement places the manufacturer among a select group of global players and highlights an aggressive growth trajectory, with the company doubling its total installed capacity from 5 GW to 10 GW within just 24 months. This rapid scaling reflects both surging domestic demand in India and the company’s entrenched position within the international clean energy transition.

Deployment Scale and Estimated Impact

The 10 GW milestone underscores Vikram Solar’s role as a primary contributor to large-scale renewable energy infrastructure. The social and physical impact of this deployment includes:

• Total Modules Deployed: Over 25 million solar panels installed across the globe.
• Power Capacity Impact: Sufficient generated capacity to power more than 5 million Indian homes.
• Geographic Reach: Active operations and deployments across 39 countries.
• Export Volume: Approximately 1.5 GW of the total 10 GW attributed to international exports, with the United States serving as the company’s largest international market (accounting for 61.10% of FY24 revenue).
• Landmark Projects: The company’s execution expertise is anchored by high-profile projects, including the world’s first fully solarized airport in Cochin and supply agreements for the 2.3 GW Khavda solar park in Gujarat (including 336 MW via L&T Construction).

Manufacturing Infrastructure and Technical Capabilities

Vikram Solar currently manages a manufacturing footprint of 9.5 GW across West Bengal and Tamil Nadu. The cornerstone of this capacity is the 5 GW Vallam facility in Tamil Nadu, a state-of-the-art plant utilizing advanced automation and intelligent robotics. The facility is built on high-efficiency N-type TOPCon technology, specifically engineered for future upgrades to Heterojunction (HJT) technology.

A critical technical shift in the company’s portfolio is the transition to the G12R format, which utilizes rectangular silicon wafers. This strategic move allows for higher-density module layouts and improved performance, responding to a broader industry shift toward N-type efficiency.

Strategic Expansion and Backward Integration

Vikram Solar is currently executing a roadmap focused on deep backward integration to insulate its supply chain. The company is expanding its Gangaikondan site in Tamil Nadu to reach a target of 6 GW in module capacity and 12 GW in cell manufacturing capacity.

This expansion is heavily supported by the Solar Energy Corporation of India (SECI) Production Linked Incentive (PLI) Tranche-II scheme. Under Basket-3 (C+M), which focuses on Cell and Module integration, Vikram Solar was allocated 2,400 MW of manufacturing capacity, with 1,200 MW designated as PLI-eligible. Furthermore, the company is evaluating a $1.5 billion investment to establish a 3 GW solar PV module plant in the United States to leverage local demand and tariff landscapes.

Diversification into Energy Storage (BESS)

The company is moving toward becoming an integrated energy solutions provider through its subsidiary, VSL Powerhive. A 5 GWh Battery Energy Storage System (BESS) facility is scheduled for completion by FY2027. This initiative is complemented by the VION lithium battery brand, which targets the residential backup and electric mobility sectors, providing a strategic hedge against the volatility of the module market.

Company Background and Market Positioning

Operating since 2009 (starting with just 12 MW), Vikram Solar has built nearly two decades of manufacturing excellence. The company positions itself as a premium quality leader, evidenced by its “best in India” 30-year performance warranty, a significant competitive differentiator.

• Financial Performance: Following an August 2025 IPO that raised ₹2,079 crore, the company reported FY2025 revenue growth of 36% (₹3,423.5 Cr). Crucially, the ₹1,500 crore fresh issue component was earmarked for capital expenditure for its subsidiary, VSL Green Power Private Ltd.
• Market Context: Vikram Solar’s expansion comes as India’s total module manufacturing capacity is projected to exceed 172 GW by March 2026. While this creates a risk of overcapacity, the company’s focus on high-efficiency N-type technology and backward integration aims to secure its market share against larger competitors like Waaree Energies.
• Quality Credentials: BloombergNEF Tier 1 status (8 consecutive quarters), PVEL “Top Performer” (6 times in 7 years), and an EcoVadis “Platinum” rating.
• Major Clients: Key partners include NTPC, Adani Green Energy, L&T Construction, Neyveli Lignite Corporation, and Azure Power.

Concluding Statement

As stated by Chairman and Managing Director Gyanesh Chaudhary, the 10 GW milestone is a testament to the speed at which solar is reshaping the global energy landscape. By focusing on advanced manufacturing automation, next-generation wafer formats, and strategic backward integration, Vikram Solar is positioning itself to meet the increasing demand for high-efficiency, reliable clean energy solutions required for the global energy transition.