KPI Green gains on bagging order for solar power project

KPI Green Energy rose 2.14% to Rs 925.25 after the company said it received a new order of 33 MWp solar power plant under captive power producer (CPP) segment.

The company said that one of India's leading solar panel manufacturing company has given a new order for the execution of engineering, procurement, construction, and commissioning (EPCC) of a solar power project of 33 MW capacity under 'Captive Power Producer (CPP)' segment of the company along with 25 years of operation & maintenance and land lease agreement. The order is executed through KPIG Energia, a wholly owned subsidiary of the company.

The project is expected to be completed in the year 2023 in various tranches as per the terms of the order.

"We are pleased to emphasize that this is the largest single order received by the Company. This will further strengthen and accelerate the speed to achieve our ambitious target of reaching 1000 MW capacity by 2025," the company said in a statement.

KPI Green Energy (formerly known as K.P.I. Global Infrastructure) generates and sells solar power under 'Solarism' brand name in India. It develops, builds, owns, operates, and maintains solar power plants as an independent power producer and captive power producer.

The company's consolidated net profit jumped 72% to Rs 21.16 crore on 178.3% surge in net sales to Rs 159.84 crore in Q2 FY23 over Q2 FY22.

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