Vikran Engineering Limited (VEL) has made a disclosure pursuant to Regulation 30 of the SEBI Listing Regulations regarding a facility agreement executed by its wholly-owned subsidiary, NOPL Solar Projects Private Limited (NOPL).
Key Transaction Details
- Parties Involved: NOPL Solar Projects Private Limited (borrower) and Indian Renewable Energy Development Agency Limited (IREDA, lender)
- Agreement Type: Facility Agreement for a rupee term loan
- Loan Amount: ₹2,941.19 crore (Rupees Two Thousand Nine Hundred Forty-One Crore and Nineteen Lakh only)
- Agreement Date: 9th October 2026
- Communication Date: 12th October 2026
Project Details
- Project Type: Solar photovoltaic power project
- Capacity: 969 MWac / 1,163 MWp
- Scheme: Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY) Scheme
- Location: 152 locations across Maharashtra
- Total Project Cost: ₹4,201.70 crore
- Financing Structure: The loan will part finance the project, with the balance to be funded through promoter contribution and other sources
Corporate Relationships
- NOPL is a wholly-owned subsidiary of Vikran Engineering Limited
- IREDA is not related to the promoter, promoter group, or group companies of Vikran Engineering Limited
- The Company holds 100% of the equity share capital of NOPL
- The Company does not hold any shareholding in IREDA
EPC Contract Connection
Vikran Engineering Limited has been awarded an EPC contract by NOPL valued at ₹3,517.98 crore for the development of this same 969 MW solar power project. The execution of the facility agreement finalizes the financing arrangements for this EPC contract.
Significant Terms of Agreement
The Facility Agreement provides for:
- A rupee term loan facility of up to ₹2,941.19 crore
- Conditions for drawdown, repayment, and security creation
- Financial covenants, warranties, representations, undertakings, and events of default
Impact on Management and Control
The Facility Agreement does not affect the management or control of Vikran Engineering Limited. IREDA does not have any right under the Facility Agreement to nominate directors to the Board of the Company or otherwise participate in the management of the Company.
Liabilities and Restrictions
As of the disclosure date, no direct liability has been created on Vikran Engineering Limited under the Facility Agreement. A corporate guarantee proposed to be provided by the Company in favor of IREDA to secure NOPL's obligations will be executed separately in accordance with the terms of the financing documents. Any obligations and liabilities of the Company will arise only upon execution of the relevant corporate guarantee, subject to its terms and conditions.
Significance
The execution of the Facility Agreement represents a significant milestone toward the implementation and execution of the 969 MW solar power project.