Vikram Solar expansion is set to accelerate with the company announcing an investment of approximately $1.9 billion to strengthen its manufacturing capabilities, expand its global presence, and establish a foothold in the battery energy storage sector. The investment forms part of the company’s long-term strategy to build an integrated clean energy manufacturing ecosystem while serving growing domestic and international demand.
The expansion plan includes significant additions across the solar value chain. Vikram Solar aims to add 6 GW of solar module manufacturing capacity, along with 12 GW each of solar cell and wafer-ingot production over the coming years. The company plans to increase its module manufacturing capacity to 15.5 GW and solar cell capacity to 12 GW by FY27, followed by the development of 12 GW of wafer and ingot manufacturing by FY30.
The company is also making a strategic entry into the battery energy storage market. It plans to begin Battery Energy Storage System (BESS) assembly in FY27 and establish a 7.5 GWh battery cell manufacturing facility by FY29. Its dedicated energy storage business, VSL Powerhive, has already secured its first 100 MWh order, marking an early step in expanding its storage portfolio.
To support international growth, Vikram Solar is establishing a dedicated global business vertical while strengthening its commercial operations across Australia, Europe, Singapore and Sri Lanka. The company is also exploring local manufacturing opportunities and supply-chain partnerships in key overseas markets to improve market access and meet increasing demand for diversified clean energy supply chains.
Having supplied solar products to more than 39 countries and recently surpassing 10 GW of cumulative global shipments, Vikram Solar continues to expand its international footprint. The company currently operates manufacturing facilities in West Bengal and Tamil Nadu, with its recently commissioned Gangaikondan plant already producing solar modules.
The planned investment will be funded through a combination of internal accruals, debt financing and proceeds from the company’s proposed initial public offering (IPO). By expanding into solar cells, wafers, ingots and battery manufacturing, Vikram Solar aims to strengthen vertical integration, enhance supply chain resilience, and position itself as a leading global provider of integrated renewable energy and energy storage solutions.
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