KPI Green Energy's Stock Surges on Winning Gujarat Wind-Solar Project

15 Mar 2024 , 12:47 PM

KPI Green Energy’s stock surges by 3% as it secures wind-solar projects from Gujarat Urja Vikas Nigam Limited (GUVNL).

Currently trading at ₹1,436.25 on the BSE, down by 3.63%. The company announces its success in winning the GUVNL tender for a 500 MW hybrid renewable power project. The tender includes a greenshoe option for an additional 500 MW.

In 2024 alone, shares of KPI Green Energy have surged by 50%, marking an impressive rise of 384% over the past year. Remarkably, the stock has recorded an astounding growth of 847% over the course of two years.

The company attributed its recent success to winning the tender issued by Gujarat Urja Vikas Nigam Limited (GUVNL) for the development of a wind-solar hybrid power project, as disclosed in an exchange filing.

KPI Green Energy operates as a solar power generating company, with a primary focus on delivering solar power solutions both as an Independent Power Producer (IPP) under the brand name of ‘Solarism’ and as a service provider to Captive Power Producer (CPP) customers.

KPI Green Energy receives the Letter of Intent on March 14 for a 50 MW project comprising 16.80 MW Wind and 50 MW Solar.

The power purchase agreement (PPA) with GUVNL is subject to approval from the Gujarat Electricity Regulatory Commission (GERC).

On March 8, the company received an order for a total capacity of 305 MWac, including projects awarded by Aditya Birla Renewables Subsidiary Limited and ABREL (RJ) Projects Limited.

Additionally, on March 2, KPI Green Energy signed a PPA for a 200 MWAC (240 MWp) grid-connected Solar Photovoltaic Power Project in Khavda, with a greenshoe option for up to 800 MW.

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