Vikram Solar in JV with Spanish firm plans Rs 1,700 cr capex

Leading PV solar modules maker in eastern India Vikram Solar today said it has entered into a pact with Spanish solar company Proener to take up EPC contracts of large solar power projects.

It has also planned for Rs 1,700 crore investment in expanding its solar power business, Vikram Solar Director Gyanesh Chaudhary said.

"We are planning for a total Rs 1,700 crore capex over the next five years, including an expansion into PV cell manufacturing in the existing unit at Falta with Rs 300 crore," Chaudhary said.

"We will fund the PV cell manufacturing from our own resources, but to expand to wafer level we will require to hit the capital market with an IPO as the investment would be large," he said.

He did not elaborate on the size of the IPO.

However, the company is looking for another location outside West Bengal for solar wafer manufacturing facility.

The new 51:49 joint venture company christened Vikram-Proener Projects will bid for EPC contracts of large solar power plants across the country and overseas.

"We make PV modules, but we need expertise in implementation of a solar power project and sourcing of other critical equipment," Vikram Group Chairman HK Chaudhary said.