KP Energy, Aditya Birla Group to develop wind power project worth Rs222 crore; stock spurts ~5%

1 Sep 2022 , 09:16 AM

KP Energy announced its partnership with Aditya Birla Group, a worldwide conglomerate based in Mumbai, for the building of a wind power project at the Bhungar and Fulsar Site in Mahuva, near Bhavnagar, Gujarat, in accordance with the Gujarat hybrid power policy 2018.

The parties have executed final contracts for the development of the Project with Aditya Birla Renewables Solar Limited and AB REL Solar Power Limited (Aditya Birla Group) and will continue to negotiate contracts for the project’s phased development.

KP Energy will provide a fully – integrated balance of plant solution for the Project, which will include wind site locations, obtaining necessary approvals and development permits, wind data management, an electrical line network, windfarm development works, and complete power evacuation capacity from the Pooling substation to the GETCO (Gujarat Energy Transmission Corporation) substation.

As per the company, the total value of the project to be developed by the company and Aditya Birla Group is Rs222 million. It anticipates that the project will be completed in March 2023.

KP Energy has begun collecting milestone payments for work completed at the various milestones.

At around 9.19 AM, K.P. Energy was trading at Rs373.70 up by 4.99% from its previous closing of Rs355.95 on the BSE. The scrip opened at Rs373.70.

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