Vikram Solar has received an order to supply 336 MW of solar modules from L&T Construction for the latter’s project in the Khavda Renewable Energy Park.

As part of this order, Vikram Solar will supply its Hypersol G12R modules, built on N-type technology.

According to the company, these modules feature improved bifaciality of up to 80%, better high-temperature performance, and minimal year-on-year degradation (≤0.4%). The use of the G12R modules will enhance balance-of-system efficiency and reduce the levelized cost of energy (LCOE), the company noted.

The modules are expected to be supplied from November 2025 to March 2026.

This latest deal follows a string of recent wins for Vikram Solar at Khavda. In May 2025, the company secured a 326 MW module supply order from Gujarat Industries Power Company. It had previously secured a 393.9 MW supply order from NLC India.

As of August 13, 2025, Vikram Solar has an enlisted capacity of 4.3 GW under the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers (ALMM) for solar modules.

Vikram Solar operates 4.5 GW of installed solar module manufacturing capacity, producing N-Type and HJT bifacial modules across its facilities in Falta SEZ, Kolkata, West Bengal, and Oragadam, Chennai, Tamil Nadu.

The company’s initial public offering (IPO) was oversubscribed 54.63 times at the end of the bidding window on August 21, 2025. The price band was set at ₹315 (~$3.6) to ₹332 (~$3.6) per equity share with a face value of ₹10 (~$0.11). The IPO saw bids for 2.47 billion shares, exceeding the 45 million shares on offer.

The proceeds from the IPO will be utilized for capital expenditure through investment in Vikram Solar’s wholly owned subsidiary, VSL Green Power. Of the total amount, ₹7.93 billion (~$92.42 million) will be deployed for partial funding of an integrated solar cell and module manufacturing facility.