KPI Green To Light Up 26.15 MW Solar Plant, With Order From 20 Textile Companies

Khavda: CIL Awards KPI Green Contract For 300 MW Solar Project

Gujarat-based KPI Green Energy has received an order to develop a 26.15 MW solar power plant from an aggregation of textile firms in Gujarat. This order was received by KPI subsidiary, Sun Drops Energia, to develop the project under the captive power producer (CPP) segment. KPI has been particularly strong in the segment as an EPC.

KPI Green received the commercial order from 20 entities namely, Hanuman Overseas, Narmada Textile, Swastik Textiles, and H K Weaves. Other involved entities are, Hanuman Weavetech, Jai Mata Di Dyeing, Printing Mills, Krishna Fashion, Mittal Weaves Pvt. Ltd., Nyalkaran Impex, Sanwariya Impex Pvt. Ltd. Other involved entities are, Shree Om Fabrics, Taanushre Internationals Pvt. Ltd, J R Dyeing and Printing Mills Pvt. Ltd., Kavya Fab, Paladiya Textile, Radhe Shree Textiles, RadheShree Silk Mills, Shree Ram Textile, Ugam Textile, Ujjawal Textile. The projects are scheduled to be completed in the financial year 2024-25, in various tranches as per the terms of the order. 

The structuring of the order is a useful template for other such industrial clusters possibly, and should serve as a strong calling card for KPI Green elsewhere too. 

This year, in its Q4 result, KPI Green Energy has come out with a strong set of Q4 results. Total revenues came in at Rs 293 crores during the quarter, a 59% increase over the corresponding quarter in FY23. For the full year, KPI Green has energized 132 MW of capacity, even as a flood of new orders worth 682 MW took its total pipeline to over 1.23 GW, with a previous unexecuted order book of 552 MW. The firm, with a total capacity energized of 445 MW, hopes to reach a cumulative delivered capacity of over 1 GW by 2025 itself. The firm, with a total capacity energized of 445 MW, hopes to reach a cumulative delivered capacity of over 1 GW by 2025 itself.

Full-year revenues in FY 24 were a full 59% higher than the previous year at Rs 1023 crores. Profits after tax also rose 47% to Rs 161.66 crores.KPI Green has been particularly strong in the captive power segment, where it has a pipeline of 868 MW, versus 366 MW in the Independent Power Producer segment. IPP projects had a revenue share of 17%, while CPP projects delivered almost 82% during FY24. 

Thus, the consolidated CPP Sales of the year ended FY23-24, grew by 54.2% to Rs. 844.93 Cr from Rs. 547.97 Cr of the corresponding period last year. Whereas the Independent Power Producer (IPP) revenue grew by 86.8% to Rs. 177.00 Cr from Rs. 94.73 Cr during the same comparison period.