DFC and Vikram Solar Sign Ceremonial Retainer Letter for ~ $200 Million Funding at COP28

Media Release


  • The proposed DFC financing would support Vikram Solar’s ambitious plan to set up a 3GW cell and module manufacturing facility at Gangaikondan, Tamil Nadu, one of the largest in India.
  • The total proposed funding is expected to be over $200 million.
  • The manufacturing facility expansion will strengthen Vikram Solar’s position as a leading solar energy solutions provider in India, with a global footprint across 32 countries.

WASHINGTON, D.C. – Vikram Solar Limited (Vikram Solar), one of the leading solar energy solutions providers with a global footprint across 32 countries, signed a ceremonial Retainer Letter with the U.S. International Development Finance Corporation (DFC) at the U.N. 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 toward the clean energy revolution. The Retainer Letter was ceremonially signed on Thursday, December 7, 2023, at The Ritz-Carlton DIFC (Dubai International Financial Centre) by Gyanesh Chaudhary, Vice Chairman and Managing Director, Vikram Solar, and Jake Levine, Chief Climate Officer from DFC.

Talking about this momentous event, Gyanesh Chaudhary, Vice Chairman & Managing Director (CMD), Vikram Solar said, “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.”

The project will also enable Vikram Solar to maintain its domestic market leadership through strategic expansion of solar photovoltaic (PV) module manufacturing and backward integration into solar cell manufacturing.

Jake Levine, DFC Chief Climate Officer, said: “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.”

The project will contribute to India’s clean energy transition and climate action goals, aligning with DFC’s climate strategy, which aims to catalyze investments in renewable energy and low-carbon technologies.


About DFC:

The U.S. International Development Finance Corporation (DFC) is the U.S. Government's development finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights. Website: https://www.dfc.gov/

About Vikram Solar:

Vikram Solar Limited is one of the leading solar energy solutions provider, specializing in efficient photovoltaic (PV) module manufacturing, with an international presence across 32 countries, portfolio of more than 1.50 GW EPC projects (commissioned + under execution) and close to 2000 employees. Headquartered in Kolkata, West Bengal, it is one of the largest PV module manufacturer in India with cumulative production capacity of 3.5 GW. Vikram Solar is a ‘Top Performer’ in PVEL’s PV module reliability scorecard and has been included in the Tier 1 solar PV modules manufacturer list of BloombergNEF. Vikram Solar deploys technology to design, install and commission solar projects. The company has a distribution network connecting more than 40 cities, ensuring the availability of solar products and solutions across 600+ locations in India. Website: www.vikramsolar.com