Vikran Engineering Ltd said on Monday that its wholly owned subsidiary, NOPL Solar Projects Pvt Ltd, has signed a ₹2,941.19 crore loan agreement with the Indian Renewable Energy Development Agency (IREDA) to partly finance a solar power project in Maharashtra.
The loan agreement was dated October 9, 2026, and was disclosed to the stock exchanges on October 12, the company said in a regulatory filing.
The project involves developing a 969 MWac/1,163 MWp solar photovoltaic power project across 152 locations in Maharashtra under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY) scheme. The project has an estimated cost of ₹4,201.70 crore.
The remaining cost is expected to be funded through promoter contributions and other sources, in line with the project’s financing plan.
With the loan agreement in place, financing arrangements have been finalised for the ₹3,517.98 crore engineering, procurement and construction (EPC) contract that NOPL awarded to Vikran Engineering, the company said.
The agreement specifies conditions governing loan disbursement and repayment, creation of security, financial covenants and events of default.
Vikran Engineering said the agreement does not affect its management or control. IREDA has no right under the agreement to nominate directors to Vikran Engineering’s board or participate in its management.
The company added that the loan agreement had not created any direct liability for Vikran Engineering as of the disclosure date. A proposed corporate guarantee in favour of IREDA to secure NOPL’s obligations will be executed separately. Any resulting obligations or liabilities for Vikran Engineering will arise upon execution of the guarantee, subject to its terms.
Vikran Engineering’s ₹153.76 crore POWERGRID order
The latest development follows an order worth approximately ₹153.76 crore, excluding GST, that Vikran Engineering secured from Power Grid Corporation of India Ltd (POWERGRID) on September 23.
Awarded through domestic competitive bidding, the contract covers the 400 kV air-insulated switchgear (AIS) extension substation package SS136T.
The work involves extending the 400/220 kV Tumkur-II pooling substation and carrying out civil works for a ±300 MVAR static synchronous compensator (STATCOM) at the facility.
The project is part of a plan to strengthen the transmission system at Tumkur-II to integrate an additional 2.7 GW of renewable energy potential through the tariff-based competitive bidding route.
Vikran Engineering shares closed 0.072% lower at ₹55.80 apiece on October 12.