Vikran Engineering secures Rs 3,518 crore solar EPC order
Vikran Engineering Limited has accepted a turnkey engineering, procurement and construction (EPC) contract worth Rs 3,517.98 crore (inclusive of GST) from NOPL Solar Projects Private Limited, its wholly owned subsidiary, for the development of a 969 MW AC solar power project across multiple locations in Maharashtra. The contract covers the design, engineering, procurement, supply, erection, testing and commissioning of solar photovoltaic (PV) modules and inverters, with completion scheduled within 12 months.
The new order replaces an earlier work agreement awarded on December 23, 2025, by Onix Renewable Limited for a 600 MW solar project valued at Rs 2,035.26 crore. Under that agreement, work worth around Rs 388.67 crore had been tentatively executed, while the remaining order value of about Rs 1,893.26 crore has been mutually cancelled.
According to the company, the restructuring follows its acquisition of a 100% equity stake in NOPL Solar Projects Private Limited, enabling the EPC works to be executed directly by the project developer instead of through Onix Renewable Limited. Vikran Engineering stated that the cancellation was not due to any dispute, default or performance issue and is not expected to have any material adverse impact on its operations or financial position.
The company also said that since NOPL Solar Projects Private Limited is its wholly owned subsidiary and its directors also serve as directors and key managerial personnel (KMPs) of Vikran Engineering, the transaction qualifies as a related-party transaction. However, it stated that the contract has been entered into on an arm’s length basis.
100 MW order cancelled
In a separate development, Vikran Engineering announced the mutual cancellation of a Letter of Award received on October 24, 2025, from Ellume Energy MH Solar One Private Limited for a 100 MW AC solar EPC project in Maharashtra valued at approximately Rs 354.21 crore.
The company said it decided not to proceed with the project due to prolonged delays at the client’s end, including the non-availability of the required Power Purchase Agreement (PPA), work commencement approvals, design clearances, scope finalisation and mobilisation permissions within the expected timelines. It added that the uncertainty over the project’s commencement made execution commercially unviable and that the cancellation would not have any material adverse impact on its business operations or financial performance.
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