Vikram Solar to Receive DFC Financing for Planned 3GW Solar Cell/Module Manufacturing Facility in Tamil Nadu – EQ
In Short : As of my last knowledge update in January 2022, I don’t have specific information about Vikram Solar receiving financing from the U.S. International Development Finance Corporation (DFC) for a planned 3GW solar cell/module manufacturing facility in Tamil Nadu. Since my information is not up-to-date, I recommend checking the latest sources, including official announcements, news releases, and Vikram Solar’s official statements for the most accurate and current information.
In Detail : Vikram Solar Ltd signed a ceremonial Retainer Letter with the U.S. International Development Finance Corporation (DFC) at the UN Climate Conference, COP28, for its upcoming 3GW cell and module manufacturing facility at Gangaikondan, Tamil Nadu.
The project envisions a consequential partnership between Vikram Solar and DFC towards the clean energy revolution. The Retainer Letter was ceremonially signed on December 7, 2023 at The Ritz Carlton DIFC (Dubai International Financial Centre) by Gyanesh Chaudhary, Chairman & Managing Director, Vikram Solar, and Jacob Levine, Chief Climate Officer from DFC.
“Partnering with DFC is a significant step for Vikram Solar towards fulfilling our clean energy and sustainability commitments. 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,” said Chaudhary.
The project will also enable Vikram Solar to maintain its domestic market leadership through strategic expansion of solar PV module manufacturing and backward integration into solar cell manufacturing.
“DFC is committed to unleashing the power of private capital to diversify the solar value chain and advance investments in renewable energy and low-carbon technologies. With this Retainer Letter, we have initiated our diligence process towards a formal commitment to advance India’s clean energy transition and create positive impact for the people and the planet,” Levine said.
The project will contribute to India’s clean energy transition and climate action goals aligning with DFC’s climate strategy that aims to catalyze investments in renewable energy and low-carbon technologies.
