KPI Green Energy gains 5% on subsidiary securing orders for 26 MW solar power projects

In a stock exchange filing on June 5, KPI Green Energy said that its wholly owned subsidiary, Sun Drops Energia Private Limited, has secured new orders of 26.15 MW for solar power projects under the company’s captive power producer (CPP) segment.

These projects are slated for completion FY 2024-25, with execution occurring in various tranches, according to the terms of the contract.

At 12.05 pm, the KPI Green Energy stock was trading at ₹1,764.75, apiece, up ₹82.25, or 4.89%, on the NSE. The stock opened at, higher than its previous close of ₹1,682.50, and then went on to hit the day’s high of ₹1,766.60.

Shares of KPI Green Energy opened higher at ₹1,754 apiece on the NSE and rallied as much as 5% to hit an intraday high of ₹1,766.60 apiece.

On May 13, in another regulatory filing, KPI Green Energy said that it planned to raise up to ₹1,000 crore through the issuance of equity shares or other equity-linked securities. The company said the fundraising would be done through Qualified Institutions Placement (QIP). KPI Green Energy plans to execute this in one or more tranches, subject to necessary approvals, including a special resolution from the company’s members, along with other required permissions, sanctions, and statutory approvals.

Last month, KPI Green Energy had received new orders of 74.30 MW for solar power projects under its captive power producer segment. It included a 20 MW solar power project that formed part of a wind-solar hybrid power project from a captive customer. According to the company, 27 MW of the new orders would be executed directly by KPI Green Energy Limited. Additionally, its wholly owned subsidiaries, KPark Sunbeat Private Limited and Sun Drops Energia Private Limited, will undertake 30 MW and 17.3 MW, respectively.

KPI Green Energy Ltd, founded in 2008, is a renewable power generating company based in Gujarat. It operates as both an independent power producer and a captive power producer, providing solar energy through third-party sales. The company currently oversees 33 project sites and employs over 339 full-time staff.