KPI Green Energy stock up 4% on purchase deal for 50MW Solar-Wind Hybrid Power project

KPI Green Energy shares have had a stellar start to the year, rising 88 percent.

Shares of KPI Green Energy Limited surged 4 percent to Rs 1,864 on July 8 afternoon following the company's signing of a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam (GUVNL) for a 50MW Solar-Wind Hybrid Power Project.

KPI Green Energy develops and maintains grid-connected solar power projects, selling the power units generated from its solar plants.

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The project, consisting of 50 MW of solar and 16.80 MW of wind power, was awarded through a competitive bidding process by GUVNL on November 1, 2023, and secured via a reverse E-Auction on January 22, 2024.

Last week, KPI received approval from the Chief Electrical Inspector (CEIG) for its 13.60 MW solar power projects under the Independent Power Producer (IPP) segment. These projects will be added to its power generation asset portfolio through Sun Drops Energia, a wholly-owned subsidiary. Additionally, KPI received CEIG approval for 15 MW of solar power projects under its Captive Power Producer (CPP) business segment.

In May, the board approved a proposal to raise up to Rs 1,000 crore through the issuance of shares via qualified institutional placement. This is subject to approval from shareholders.

At about 1:36 pm, shares of the company were trading at Rs 1,843, up 3.4 percent from the last close on the NSE. KPI Green Energy shares have had a stellar start to the year, rising 88 percent.

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