Subsidiary signs IREDA facility agreement for ₹2,941.19 crore loan; solar project EPC financing finalised

Vikran Engineering's wholly-owned arm NOPL Solar has signed a facility agreement with IREDA for a rupee term loan of up to ₹2,941.19 crore, part financing a 969 MWac solar project in Maharashtra.

Mon 12 Oct 2026

IREDA Term Loan Facility

up to ₹2,941.19 crore

Estimated Project Cost

₹4,201.70 crore

EPC Contract Value

Rs. 3517.98 Crores

Wholly-owned arm ties up IREDA funding

• NOPL Solar Projects Private Limited, a wholly-owned subsidiary of Vikran Engineering Limited, has entered into a facility agreement with Indian Renewable Energy Development Agency Limited (IREDA).
• NOPL is the borrower and IREDA is the lender. The agreement is dated 9th October 2026.

What the loan is for

• The rupee term loan facility is of an aggregate amount up to ₹2,941.19 crore.
• It is intended to part finance the development of a 969 MWac / 1,163 MWp solar photovoltaic power project under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY) Scheme.
• The project comprises 152 locations across Maharashtra.
• The estimated project cost is ₹4,201.70 crore, with the balance proposed to be funded through promoter contribution and other sources in accordance with the financing plan.

Where the listed company fits in

• The EPC contract for the project was awarded to Vikran Engineering Limited by NOPL, valued at Rs. 3517.98 Crores.
• With the facility agreement executed, the update states that the financing arrangements for that EPC contract have been finalised, and describes this as a significant milestone towards the implementation and execution of the project.
• The Company holds 100% of the equity share capital of NOPL. It does not hold any shareholding in IREDA.

Liability and control

• No direct liability has been created on Vikran Engineering Limited under the facility agreement executed between NOPL and IREDA.
• A corporate guarantee is proposed to be provided by the Company in favour of IREDA to secure the obligations of NOPL under the financing arrangement; it is to be executed separately in accordance with the terms of the financing documents. The Company's obligations and liabilities, if any, in this regard shall arise upon execution of the relevant corporate guarantee, subject to its terms and conditions.
• IREDA has no right under the facility agreement to nominate a director on the Board of the Company or to otherwise participate in its management.
• The transaction does not fall within related party transactions. NOPL is a wholly-owned subsidiary of the Company; IREDA is not related to the promoter, promoter group or group companies of the Company.

Other terms set out in the agreement

• The agreement covers the conditions for drawdown, repayment, security creation, representations and warranties, financial covenants, undertakings and events of default.

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