Vikram Solar signs Ceremonial Retainer Letter with DFC at COP28
The partnership is dedicated to the establishment of a cutting-edge 3 GW cell and module manufacturing facility in Gangaikondan, Tamil Nadu.
December 19, 2023. By Abha Rustagi
The partnership is dedicated to the establishment of a cutting-edge 3 GW cell and module manufacturing facility in Gangaikondan, Tamil Nadu. The total proposed funding is expected to be over USD 200 million.
The ceremonial signing of the Retainer Letter took place at The Ritz Carlton DIFC (Dubai International Financial Centre). Gyanesh Chaudhary, Chairman and Managing Director of Vikram Solar, and Jacob Levine, Chief Climate Officer from DFC, were present to formalize the collaboration.
Expressing the significance of this alliance, Gyanesh Chaudhary, Chairman and Managing Director of Vikram Solar, emphasized the importance of partnering with DFC in realizing the company's clean energy and sustainability commitments. He stated, “Remaining steadfast in our pursuit towards clean energy goals, Vikram Solar has been at the forefront of product innovation in accelerating solar adoption in India and worldwide. Our collaboration with DFC is going to be yet another crucial step towards this resolve. DFC stands as one of the most effective institutions in the stage of global development, and I am certain that this alliance will pave the way for greater beginnings.”
The collaboration with DFC is expected to play a pivotal role in Vikram Solar's strategy for maintaining domestic market leadership. The project aims for a strategic expansion of solar PV module manufacturing and backward integration into solar cell manufacturing.
The upcoming 3 GW manufacturing facility aligns with India’s clean energy transition and climate action goals, in harmony with DFC’s climate strategy focused on catalyzing investments in renewable energy and low-carbon technologies.
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