KPI Green Energy Hits 52-Week High as Subsidiary Bags 2 MW Solar Project Order

12 Jan 2024 , 03:13 PM

KPI Green Energy’s shares surged over 3% to reach a fresh 52-week high following an order received by its subsidiary, KPIG Energia Pvt Ltd, for 2 MW solar power projects from Sanwariya Processors Pvt Ltd.

The order outlines the completion of the solar power projects in tranches by FY25, as per the terms specified by Sanwariya Processors.

KPI Green Energy operates as a solar power generating company, serving as an Independent Power Producer (IPP) under the Solarism brand and providing services to Captive Power Producer (CPP) customers.

The company recently declared a bonus issue of one share for every two held, with the record date yet to be determined. This marks the second instance of KPI Green issuing bonus shares, following a similar move in January 2023.

KPI Green Energy successfully raised Rs 300 crore through a Qualified Institutional Placement (QIP), with Societe Generale, BoFA Securities, Goldman Sachs, and Quant MF among the funds participating in the offering.

In October, the company announced plans to raise funds through a QIP for a Gujarat project worth Rs 900 crore, with a planned debt of Rs 550 crore, bringing the total borrowing to Rs 1,100 crore.

The solar portfolio of KPI Green stands at 356 MW, and the management anticipates a debt-to-equity ratio of 2:1.

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