Home grown module manufacturers and a comprehensive EPC solutions & rooftop solar provider Vikram Solar has announced that it has bagged a 300 MW solar power project for INR 1,750 crore from NTPC under CPSU-II scheme.
Vikram Solar secured the project in a reverse bidding auction. The solar power project will spread across 1500 Acres of land in Rajasthan.
Tendered under the DCR category of the CPSU, the project is expected to take 18 months to be completed
Saibaba Vutukuri, Chief Executive Officer, Vikram Solar said, “Vikram Solar is proud to have secured this order. The project is a motivation for our teams to continue focusing on delivering the best to our customers. NTPC has always focused towards supporting the green energy transition in India and we are proud to be a part of NTPC’s recent effort towards solar growth. I am certain that this 300 MW plant will see successful execution within agreed time frame and our partnership will continue to support India in providing ‘Power for All’.”
“Vikram Solar has had a long standing business relation with NTPC. Previously, we have executed 50 MW solar plant project in Mandsaur, Madhya Pradesh and 130 MW solar project in Bhadla, Rajasthan for NTPC.It is projects like these which demonstrate the trust in Vikram Solar’s project management and execution skills,” Venkat Muvvala, Head of EPC and O&M, Vikram Solar.
The firm recently shut down its one of the manufacturing units that resulted in lay off 320 employees.
Reacting to news circulating in local media Vikram Solar has finally released an official statement that reads “The domestic solar manufacturing industry has long been advocating for a level playing field. However, a slowing economy, inconsistent policy implementations, unfavourable trade policies, and liquidity crises have impacted the sector severely in the past few months. Moreover, recent global events have also impacted supply chains.”
The company further said “Consequently, Vikram Solar is making production adjustments in response to market conditions. Unfortunately, this scenario has resulted in a number of difficult but necessary organizational changes. Vikram Solar has extended Early Separation Scheme to 320 employees from one of the production workforce based at Falta, West Bengal. The second facility is functioning normally,” the company said.