KPI Green Energy soars on 50MW hybrid power deal with GUVNL

9 Jul 2024 , 02:16 PM

Shares of KPI Green Energy Limited increased by 4% to ₹1,864 on July 8 after the company signed a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam (GUVNL) for a 50MW Solar-Wind Hybrid Power Project.

At the time of writing on July 9, 2024 at 2:05 pm, shares of KPI Green Energy is currently trading at ₹1878.30 which is a 2.29% gain than the previous close. The stock has gained a total of 237% in the last one year, and 97% gain since the beginning of the year.

KPI Green Energy specializes in developing and maintaining grid-connected solar power projects, selling the generated power units from its solar plants.

The project, comprising 50 MW of solar power and 16.80 MW of wind power, was awarded through a competitive bidding process by GUVNL on November 1, 2023, and secured via a reverse E-Auction on January 22, 2024.

Recently, KPI received approval from the Chief Electrical Inspector (CEIG) for its 13.60 MW solar power projects under the Independent Power Producer (IPP) segment. These projects will be added to its power generation asset portfolio through Sun Drops Energia, a wholly-owned subsidiary.

Additionally, KPI obtained CEIG approval for 15 MW of solar power projects under its Captive Power Producer (CPP) business segment. In May, the board approved a proposal to raise up to ₹1,000 Crore through the issuance of shares via qualified institutional placement, pending shareholder approval.