KPI Green Energy Bags 200 MWAC Solar Photovoltaic Project in Gujarat

In a significant development for KPI Green Energy Limited, the company has emerged victorious in the competitive bidding process for the development of a 200 MWAC (240 MWP) grid-connected Solar Photovoltaic Power Project in Gujarat, India. The tender, issued by Gujarat Urja Vikas Nigam Limited (GUVNL), saw intense competition from various players in the renewable energy sector.

KPI Green Energy successfully secured the base capacity of 100 MWAC (120 MWP) and exercised the Greenshoe Option to add an additional 100 MWAC (120 MWP), securing the full quoted capacity of the solar project. The company received the Letter of Intent from GUVNL on August 3, 2023, confirming their victory and awarding them the full capacity.

The win aligns perfectly with KPI Green Energy’s strategic vision, aiming to achieve a total capacity of 1 GWp by the year 2025. Currently, the company has successfully energized a total of 339 MWp, with 141 MWp under the Independent Power Producer (IPP) segment and an impressive 198 MWp under the Captive Power Producer (CPP) segment.

With this tender win and other confirmed orders in hand, totaling 144 MWp, KPI Green Energy’s cumulative capacity is projected to reach an impressive 723 MWp, surpassing their original 1 GWp target well ahead of the 2025 deadline. This remarkable achievement is a testament to the company’s unwavering dedication, hard work, and commitment to sustainable growth, alongside the continuous support and trust of their stakeholders and shareholders.

The Power Purchase Agreement (PPA) with GUVNL will be finalized after obtaining approval from the Gujarat Electricity Regulatory Commission (GERC). KPI Green Energy’s landmark win in this tender reaffirms its position as a key player in India’s solar energy landscape and reinforces its commitment to a greener and more sustainable future.