KPI Green Energy Signs MoU for Renewable Energy Parks in Odisha

29 Jan 2025 , 10:50 PM

KPI Green Energy announced Wednesday, January 29, it had signed a Memorandum of Understanding (MoU) with the Odisha government to develop renewable energy parks in Ganjam. The company said the pact was a step toward a joint commitment to enlarging the scope of the renewable energy sector and a step forward towards a clean, sustainable future.

Earlier this month, on 3 January, KPI Green Energy’s subsidiary, Drops Energia Pvt Ltd, received letters of intent for developing solar power projects with an aggregate capacity of 32.15 MW under its captive power producer (CPP) business.

The orders were received from several companies, such as Aditya Ultra Steel, Suraj Dyeing & Printing, Sunita Processors, Balaji Polyester, Citizen Metalalloys, Suez Internationals, Vintage Tiles, Siddheswari Textile, PD & Sons, Hayat Enterprise, Meghdoot Leisure, and Devang Paper Mill. The completion of the projects will be divided into phases of the 2025-26 financial year according to the agreements.

KPI Green shares started trading ex-bonus from January 3 after the company announced a bonus issue of one free share for every two shares held on the record date. Retail shareholding in KPI Green Energy has gone up substantially and risen by 1 lakh in absolute terms between March and September 2024.

At the end of the March quarter, the company had 1.51 lakh retail shareholders that went up to 2.53 lakh by the end of the September quarter. In terms of percentage, retail investors now hold 22.58% of the company’s shares against 20.95% as on March 2024.

The promoter stake has declined from 53.08% in March to 48.77% in September, which also indicates increased retail participation in the stock.

KPI Green Energy continues to solidify its position in the renewable energy sector, with new projects and growing investor interest reflecting long-term growth potential.