Vikran Engineering Secures ₹3,517 Crore Solar Power Project in Maharashtra

Vikran Engineering has secured a major contract worth ₹3,517.98 crore to construct multiple solar power plants in Maharashtra

Vikran Engineering Limited announced on Friday, June 26, 2026, that it has accepted a significant clean energy contract. The company has undertaken a major project to build solar power facilities across the state of Maharashtra. This move marks a significant expansion for the company within the renewable energy sector.

The total contract value for this major project is ₹3,517.98 crore, inclusive of all applicable Goods and Services Tax (GST). According to regulatory filings, the infrastructure company will develop a total solar power capacity of 969 megawatts (MW) in alternating current (AC) terms.

The agreement is structured as a comprehensive, turnkey engineering, procurement, and construction (EPC) contract. Under this arrangement, the company bears full responsibility for every stage of development. This encompasses the complete design of the plant, precise engineering, equipment procurement, physical installation, systematic testing, and final commissioning.

The infrastructure company has also been tasked with supplying all necessary components for the green energy sites. This includes the procurement of high-efficiency solar photovoltaic (PV) modules and heavy-duty inverters. The project will be spread across various strategic locations in Maharashtra rather than being concentrated at a single site.

Timing is critical for this large-scale clean energy initiative. The contract stipulates that the infrastructure company must complete the entire 969 MW development project within a strict 12-month timeframe. This accelerated completion schedule demonstrates the company’s operational capability in managing complex energy infrastructure setups.

This mega-contract was officially awarded by NOPL Solar Projects Private Limited, a wholly-owned subsidiary of the main engineering firm. Due to this corporate relationship, the agreement falls under the category of a ‘related-party transaction,’ although management confirmed that it was executed on a strictly arm’s-length basis.

This new order is part of a comprehensive corporate restructuring following the engineering firm’s recent acquisition of a 100% equity stake in NOPL. To streamline development processes, the company had to reorganize its existing contractual agreements with external partners.

Consequently, a prior work order signed with an external firm, Onyx Renewable Limited, has been cancelled by mutual consent. That original contract, approved on December 23, 2025, was for a 600 MW solar setup valued at ₹2,035.26 crore.

Prior to the cancellation, the company had already completed work worth approximately ₹388.67 crore under the old arrangement. Following the strategic shift, the remaining portion of the contract—valued at ₹1,893.26 crore—was formally terminated by mutual agreement.

The engineering company clarified that the decision to cancel the old contract was driven entirely by administrative restructuring objectives. The company emphasized that this change did not stem from any legal disputes, operational lapses, or performance-related issues with the previous partner.

Management assured investors and stakeholders that this change would not adversely affect its business outlook. The company expects that shifting resources to the new contract will have no negative impact on its ongoing operations, overall financial position, or future growth prospects.

Vikran Engineering is highly active across several key infrastructure sectors in India. In addition to its growing renewable green energy division, the company provides turnkey engineering services for power transmission, water systems, and essential railway infrastructure projects nationwide.