KPI Green Bags 1.5 MW Solar Power Project From Pruthvi Textile

KPI Green Energy, a Gujarat-based solar and hybrid power generating company, recently announced receiving a new order for a 1.5 MW solar power project from Pruthvi Textile.

KPIG Energia Private Limited is a wholly-owned subsidiary of the company under the ‘Captive Power Producer (CPP)’ segment of the company. The domestic entity has awarded the project for commercial order. The projects are scheduled to be completed in the financial year 2024-25, in various tranches per the order’s terms. 

KPI consolidated net profit jumped 46.87% to Rs 50.60 crore in Q3 FY24 as against Rs 34.45 crore posted in Q3 FY23. Revenue from operations stood at Rs 330.11 crore in Q3 FY24, registering a growth of 84.20% YoY. Shares of KPI Green Energy were locked in an upper circuit of 5% to settle at Rs 1,408.75 on the BSE.

Earlier this year, in January, renewable energy companies Juniper Green Energy Private Limited and KPI Green Energy Private Limited were awarded the project for establishing 200 MW capacity, part of a 500 MW grid-connected wind-solar hybrid power project in Gujarat. The allocation was done by Gujarat Urja Vikas Nigam Limited (GUVNL).

Another 500 MW allocation of the project will be done through the greenshoe option. The auction for the bid mentioned above had 280 MW getting auctioned while 200 MW was awarded. Juniper Green Energy secured a contract for 150 MW at Rs 3.04 per kWh, while KPI Green Energy secured a 50 MW project with a price of Rs 2.99 per kWh.

Both energy companies will have to build the hybrid renewable project on a build-own-operate basis, including managing a transmission network. Further, GUVNL will sign power purchase agreements with both developers for 25 years pertaining to the project.