Vikran Engineering’s wholly owned subsidiary, NOPL Solar Projects, has secured a loan of up to ₹29.41 billion (~$307.36 million) from the Indian Renewable Energy Development Agency (IREDA).

NOPL plans to use the loan to finance a part of the 969 MW/1,163 MWp solar power project being developed under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 program, at 152 locations across Maharashtra and at an estimated project cost of ₹42.02 billion (~$439.08 million). The balance is proposed to be funded through promoter contributions and other sources.

Vikran Engineering has also proposed to provide a corporate guarantee to IREDA to secure NOPL’s obligations under the loan agreement. The guarantee is yet to be executed, and no direct liability has been created for Vikran Engineering.

With the signing of the loan, financing arrangements for the ₹35.18 billion (~$367.63 million) engineering, procurement and construction (EPC) contract awarded to Vikran Engineering by NOPL for the 969 MW solar project have been finalised.

Vikran Engineering is an EPC company providing end-to-end services from conceptualization, design, supply, installation, testing, and commissioning on a turnkey basis, and has a presence across multiple sectors, including power distribution, railways, and water works.

In December 2025, Vikran Engineering was among the companies to win an order from NTPC Renewable Energy for the balance of system works for 1.4 GW of grid-connected solar power projects in Chitrakoot (2 x 400 MW) and Lalitpur (2 x 300 MW) districts in Uttar Pradesh.

Vikran won the order for the 400 MW solar project in Chitrakoot-1, valued at ₹4.59 billion (~$51.08 million). The projects are located at the Lalitpur and Chitrakoot Solar Parks developed by TUSCO.

In the same month, the company bagged an EPC order from Onix Renewable valued at ₹20.35 billion (~$226.66 million) for 600 MW of grid-connected solar power projects in Maharashtra.