KPI Green Energy Secures Major Wins in Solar and Hybrid RE Projects

As reported in a recent stock exchange filing, KPI Green Energy Limited recently made significant developments in the renewable energy sector. The company has successfully participated in competitive bidding processes for developing Solar and Hybrid Renewable Energy (RE) Projects under two separate tenders issued by GUVNL.

The first tender, Tender-I, involves procuring 500 MW grid-connected Solar Photovoltaic Power Projects, with a Greenshoe option for an additional 500 MW. Under this tender, KPI Green Energy Limited emerged as a successful winner, securing a base capacity of 120 MWAC (132 MWDC). Additionally, the company exercised the Greenshoe option to accept an extra 120 MWAC (132 MWDC) and a further 10 MWAC (11 MWDC), resulting in a cumulative capacity of 250 MWAC (275 MWDC) for the Solar Photovoltaic Power Project.

The second tender, Tender-II, sought bids for 500 MW grid-connected Hybrid RE Power Projects, also with a Greenshoe option for an additional 500 MW. KPI Green Energy Limited once again succeeded, winning a base capacity of 50 MWAC (87 MWDC). The company opted for the Greenshoe option, accepting an additional 50 MWAC (87 MWDC) and an impressive 270 MWAC (468 MWDC) of additional capacity, bringing the total secured capacity to 370 MWAC (642 MWDC) for the Hybrid RE Power Project.

The company has been awarded Letters of Intent (LOIs) for both tenders, which will lead to the execution of Power Purchase Agreements (PPAs) with GUVNL, pending approval from the Gujarat Electricity Regulatory Commission (GERC).

These recent achievements significantly bolster KPI Green Energy Limited’s renewable energy portfolio, pushing the company’s cumulative renewable energy capacity to over 2,800 MW. This impressive portfolio is divided into 1,432 MW under the Independent Power Producer (IPP) segment and 1,368 MW under the Captive Power Producer (CPP) segment.

In addition to these tender successes, KPI Green Energy Limited, through its wholly-owned subsidiary, M/s KPark Sunbeat Private Limited, has further expanded its presence in the energy sector. On July 25, 2024, the company acquired a substantial stake in Miyani Power Infra LLP. KPI Green Energy Limited holds a 99% stake in Miyani Power Infra LLP through direct capital contribution, with the remaining 1% held through its subsidiary, M/s KPark Sunbeat Private Limited, also via capital contribution.

On July 26, 2024, the share price of KPI Green Energy Ltd opened at ₹966.95, touching the day’s high at ₹966.95, as of 10:56 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.