Vikram Solar awarded 350 MW module supply order in the US

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Sep 19, 2022, 10:31 ET

Order from a leading independent power producer further strengthens Vikram Solar's presence in the US
Vikram Solar's consolidated export portfolio in the US now stands at ~700 MW across Arizona, Texas and the West Coast
Showcasing advanced technology modules at the RE+ 2022 in Anaheim, California(CA)

BOSTON, Sept. 19, 2022 /PRNewswire/ -- Vikram Solar, one of India's leading module manufacturers and comprehensive EPC solar solutions provider has been awarded a 350 MW module supply order from a leading Independent Power Producer (IPP) in the United States (US). The project will be located in the state of Arizona. The new order further strengthens Vikram Solar's presence in the US and it is aligned to the company's commitment to accelerate the clean energy transition in this market.

Speaking on the order win, Mr. Gyanesh Chaudhary, Vice Chairman and Managing Director, Vikram Solar, said, "We are delighted to win this order from one of the leading US IPP. It is a testament of the quality, innovation, consistent performance, and reliability of our solar PV modules. We thank our customer for their trust and confidence in our technologically advanced products. We endeavor to contribute towards harnessing the solar potential in the United States and strengthen the country's energy security. According to the International Energy Agency, over the next 4-5 years the United States has the potential of adding up to 20-25 GW of solar energy annually.

We are witnessing the increasing demand for high-quality Indian-made modules in the US aligned to the clarion call of diversifying sourcing policies. Our established presence and experience in the US give us the competitive edge to capitalize on the opportunities. We are focused on further strengthening our market share in the US and cater to the utility, commercial as well as residential customers."

Vikram Solar was the first Indian solar manufacturer to be recognized in PV Evolution Labs (PVEL) PV Module Reliability Scorecard in 2017. It has claimed the position of the 'Top Performer' in the PVEL PV Module Reliability Scorecard for 4 consecutive years and 5 times in last 6 years.

Vikram Solar is participating at the RE+ event in the US between September 19-22, 2022 in Anaheim, CA. Vikram Solar will showcase its technologically advanced, high-efficiency product portfolio suited for the USA and for customers across segments-residential, commercial & industrial rooftop and utility-scale.

About Vikram Solar:

Vikram Solar Limited is one of the largest solar energy solutions providers, specializing in efficient photovoltaic (PV) module manufacturing and comprehensive EPC solutions, with an international presence across 32 countries, portfolio of 1.42 GW EPC projects (commissioned + under execution) and 1,899 employees. Headquartered in Kolkata, West Bengal, it is one of the largest PV module manufacturers in India with cumulative production capacity of 2.5 GW**(inclusive of trial production i.e. which is not yet commercially available). Vikram Solar is a 'Top Performer' in PVEL's PV module reliability scorecard and has been included in the Tier 1 solar PV modules manufacturer list of BloombergNEF. Vikram Solar deploys technology to design, install and commission solar projects. The company has a distribution network connecting more than 40 cities, ensuring the availability of solar products and solutions across 600+ locations in India**. Website: www.vikramsolar.com

*CRISIL Report **as on 31st December 2021

Disclaimer: Vikram Solar Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus ("DRHP") with the Securities and Exchange Board of India ("SEBI"). The DRHP is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers, JM Financial Limited at https://www.jmfl.com/ and Kotak Mahindra Capital Company Limited at https://investmentbank.kotak.com, and the websites of the stock exchanges at www.nseindia.com and www.bseindia.com, respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see "Risk Factors" of the RHP, when available. Potential investors should not rely on the DRHP for any investment decision.

This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for, or otherwise invest in, securities in the United States. The equity shares mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act").

The equity shares may not be offered or sold in the United States except pursuant to an exemption from, or in transactions not subject to, the registration requirements of the Securities Act. There will be no public offer of securities in the United States.

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SOURCE Vikram Solar