Vikram Solar, one of India’s leading solar photovoltaic (PV) module manufacturers, has positioned itself as a key player in the global renewable energy transition. The company’s unwavering commitment to Environmental, Social, and Governance (ESG) principles is evident in its operations, sustainability goals, and innovative initiatives aimed at reducing carbon footprints and promoting clean energy solutions.
A Green Vision for the Future
At the heart of Vikram Solar’s ESG strategy is its commitment to reducing greenhouse gas (GHG) emissions and conserving natural resources. The company actively monitors its environmental impact through GHG inventory assessments and energy consumption tracking. This data-driven approach ensures that the organization continually refines its processes to minimize waste generation and maximize resource efficiency.
To further its sustainability efforts, Vikram Solar integrates renewable energy solutions within its own operations. The company has installed an 899.3 kWp solar power plant on the rooftop of its Falta, West Bengal facility and has signed renewable energy power purchase agreements for its Oragadam, Tamil Nadu facility. Future manufacturing plants will also undergo solarization, further reducing operational emissions.
Certifications and Global Endorsements
Vikram Solar’s dedication to environmental responsibility is reflected in its numerous certifications. Both its Falta and Oragadam facilities are certified under the ISO 14001:2015 standard for environmental management and ISO 45001:2018 for occupational health and safety. Additionally, its Falta facility has received the SA 8000:2014 certification for social accountability, underscoring its commitment to responsible labour practices.
On the global front, Vikram Solar is a recognized participant in the United Nations Global Compact (UNGC), an initiative that encourages businesses to align their strategies with principles related to human rights, labour, environment, and anti-corruption. The company is also among the 93 Indian firms committed to the Science Based Targets initiative (SBTi), aligning its operations with the goals of the Paris Agreement to achieve near-term and net-zero emissions.
Waste Management and Circular Economy Initiatives
A key aspect of Vikram Solar’s ESG commitment is its focus on hazardous waste management. The company follows a structured approach to risk assessment and hazard identification to prevent environmental incidents. Additionally, Vikram Solar is exploring solar PV waste recycling, ensuring that decommissioned solar panels are repurposed, and thereby contributing to a circular economy.
Corporate Social Responsibility (CSR) Initiatives
Beyond environmental efforts, Vikram Solar integrates social impact into its corporate philosophy. The company has undertaken multiple CSR projects, including food distribution through collaborations with NGOs, educational support through the provision of tablets to underprivileged students, and funding for healthcare initiatives. Additionally, Vikram Solar has contributed to environmental restoration by planting trees in the Sundarbans, a vital mangrove ecosystem.
In financial terms, Vikram Solar’s commitment to CSR is evident in its investments: ₹3.01 million in Fiscal 2024, ₹3.81 million in Fiscal 2023, and ₹3.38 million in Fiscal 2022.
Recognition and Industry Leadership
Vikram Solar’s ESG efforts have not gone unnoticed. The company has received numerous accolades, including the “Best Green Energy Initiative Company of the Year” at the Dare to Dream Awards (2022) and the “Smart Technology Innovation of the Year (Modules)” award at the Utility Solar Show India Leadership Awards (2023).
As Vikram Solar continues to expand its operations with an eye on sustainability, its ESG-centric approach ensures that the company not only contributes to India’s clean energy goals but also serves as a global benchmark for responsible corporate practices. With ongoing investments in renewable energy, circular economy initiatives, and social responsibility programs, Vikram Solar is poised to remain at the forefront of the transition to a greener planet.
