KPI Green Energy receives LOI for 40 MW project in Gujarat; stock zooms ~2%

7 Jun 2023 , 03:03 PM

KPI Green Energy Limited announced that it received a letter of intent (LOI) from a private player for the development of a 40 MW hybrid green energy project located in Gujarat.

The total capacity consists of 21.50 MW wind and 18.50 MW solar projects, said the company in its media filing. This project falls under the company's 'Captive Power Producer (CPP)' business segment.

The company further highlighted that this is the largest single LOI received by it. The said order has been received by the company from Anupam Rasayan India Limited.

As per the company’s filing with the bourses, the project is scheduled to be completed in financial year 2023-24, in multiple tranches.

The company said that the significance of this Letter of Intent (LOI) highlights the level of trust and confidence in our company's capabilities, technical knowledge, and dedication to providing top-notch sustainable energy solutions.

Following this development, KPI Green Energy was trading 2.21% higher at Rs 541.25, against the previous close of Rs 529.55 on NSE. The counter hit an intraday high of Rs 544.90 in today’s trade.

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