Kolkata, India, -based solar photovoltaic modules maker Vikram Solar has announced plans to increase its output in West Bengal by more than thrice by the end of this fiscal.
The MD and CEO of Vikram Solar, Gyanesh Chaudhary, said that by August the company will complete phase-1 expansion of its unit at Falta in West Bengal by 250 MW.
The second phase of a similar capacity will be brought on track in the another six to eight months, Chaudhary told ET. Vikram Solar currently has an installed production capacity of 150 MW.
By 2018, Vikram Solar plans to further expand its production capacity to 1.2 GW by way of a project funded in 60:40 debt-to-equity ratio. Vikram Solar also has plans to expand to other states. Rajasthan, Madhya Pradesh and Tamil Nadu are being considered for the establishment of production units.
The company also recently signed an MoU with the Andhra Pradesh government on development of projects.
“For our third expansion essentially we are looking at Andhra Pradesh because of its robust solar policies, reliable infrastructure and the administration,” Chaudhary said.
In the last fiscal Vikram Solar had grossed grossed sales of more than Rs 600 crore. This fiscal the company expects its growth to increase by 40 percent to 60 percent given the congenial investment atmosphere being generated by the incumbent government.
The government, which has set itself the target of developing 175 gigawatts of renewable energy capacity by 2022, is supporting the development of clean energy projects in different ways.
Ajith Kumar S