KPI Green Energy gains on Rs 272 crore funding for Gujarat power projects

Shares of KPI Green Energy advanced nearly 4 per cent on Wednesday after it secured Rs 272-crore financing for hybrid power projects in Gujarat. 

 

KPI Green Energy’s stock rose as much as 3.99 per cent during the day to Rs 398.3 per share. The stock, later, gave up gains partially to trade 2.6 per cent higher at Rs 393 apiece, compared to a 0.21 per cent advance in Nifty 50 as of 10:54 AM. 

 

Shares of the company extended gains to their third day even as they have fallen 27 per cent so far this year, compared to a 3.25 per cent fall in the benchmark Nifty 50. KPI Green Energy has a total market capitalisation of Rs 7,734.8 crore, according to BSE. 

 

The company, on Wednesday, informed the exchanges that it has received final sanction letter from National Bank For Financing Infrastructure and Development (NaBFID) for credit facilities of Rs 272 crore for financing power projects. The part financing will be used for the 50 Megawatt (Mw) hybrid power project comprising of 75.2 megawatt peak solar capacity and 16.95 Mw wind capacity at Bharuch, Gujarat, it said in the statement.  

 

 

  This project will be developed under a 25-year Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Limited. "This financial assistance will play a crucial role in developing the project, with the goal of completing it within the stipulated timeframe," the filing said. 

 

The project will "significantly" enhance their renewable energy portfolio and will expedite the efforts to reach the goal of 10 gigawatt (Gw) capacity by 2030, it said on Wednesday. 

 

KPI Green Energy is a multi-dimensional solar energy player with interests in power generation as an Independent Power Producer (IPP) turnkey solutions for Captive Power Producers (CPP) and Operations & Maintenance (O&M) services.

 

The company's consolidated net profit surged 67 per cent to Rs 84.50 crore in Q3FY25 as against Rs 50.61 crore recorded in Q3 FY24. The revenue from operations jumped 38.8 per cent year on year (Y-o-Y) to Rs 458.36 crore in the quarter ended 31 December 2024. Profit before tax in Q3FY25 was Rs 114.95 crore, an increase of 60.2 per cent from Rs 71.77 crore recorded in the corresponding quarter of the previous year.