Kolkata-based solar module manufacturer Vikram Solar has entered into an agreement with Jupiter International to procure 2 GW of crystalline solar cells compliant with the Approved List of Models and Manufacturers (ALMM).

The procurement will comprise high-efficiency Tunnel Oxide Passivated Contact (TOPCon) and Monocrystalline Passivated Emitter and Rear Cell (mono PERC) solar cells.

The contract has been valued at approximately ₹20 billion (~$220.43 million).

Jupiter recently commissioned a 1 GW mono PERC solar cell manufacturing facility in Baddi, Himachal Pradesh. This is the company’s third solar cell manufacturing facility. The company already has a 1 GW facility in Baddi. With this addition, the company’s total installed capacity stands at 2 GW.

In September last year, Vikram Solar secured an order from AB Energia Solutions for the supply of 200 MW of solar modules, valued at approximately ₹2.73 billion (~$30.08 million). The agreement will see the modules deployed across Maharashtra, Madhya Pradesh, and Gujarat. The modules covered under the agreement are Vikram Solar’s M10R N-Type TOPCon modules rated at 590 W and above.

Recently, Vikram Solar signed an agreement to renew and enhance its existing working capital facilities, amounting to ₹32 billion (~$352.68 million), extended by a lenders’ consortium. As of February 10, 2026, Vikram Solar has an outstanding loan of ₹1.05 billion (~$11.57 million) secured under fund-based working capital facilities, and ₹25.44 billion (~$280.38 million) under non-fund-based working capital facilities. Under the terms of the consortium loan agreement, 94.96 million equity shares of Vikram Solar, aggregating to 26.21% of the total equity share capital, will also be released.

Vikram Solar’s initial public offering (IPO) last year was oversubscribed 54.63 times at the end of the bidding window on August 21, 2025. The price band was set at ₹315 (~$3.6) to ₹332 (~$3.47) per equity share with a face value of ₹10 (~$0.11). The IPO saw bids for 2.47 billion shares, exceeding the 45 million shares on offer. Qualified institutional buyers led the demand, with a subscription rate of 142.9, followed by non-institutional investors at 50.9 and retail individual investors at 7.65.