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The company announced on Thursday that it has signed a ₹1,311.4 crore contract with Coal India to develop a 300 MW solar plant in Gujarat.
The contract also includes a five-year Operation and Maintenance (O&M) service commitment.
The project is scheduled for completion by November 2025, KPI Green Energy said in a stock exchange filing.
As a part of the deal, the company will develop a 300 MWAC grid-connected ground-mounted solar photovoltaic (PV) plant at GIPCL’s Solar Park in Khavda, Gujarat.
The Khavda Solar Park has been a key site for India’s renewable energy push, and this project will further enhance the park’s role in providing clean, sustainable energy, the filing added.
With the growing demand for solar energy, this 300 MW capacity addition is expected to play a key role in India’s ongoing transition to sustainable energy.
On January 29, KPI Green Energy signed a Memorandum of Understanding (MoU) with the Odisha government to develop renewable energy parks in Ganjam.
Earlier this month, on January 3, the company revealed that its subsidiary, un Drops Energia Pvt Ltd, had received letters of intent for the development of solar power projects with a combined capacity of 32.15 MW under its captive power producer (CPP) business segment.
KPI Green Energy’s shares were trading ex-bonus starting January 3, following the company’s announcement of a one-for-two free share issue for shareholders as of the record date.
Shares of KPI Green Energy have been on a slump over the past few months. The stock has slipped over 34% over the past month while falling more than 44% in the last six months. The stock currently trades 5% higher at ₹349.8.
