KPI Green extends rally on inking hybrid power purchase deal with GUVNL

KPI Green stock extends rally: Shares of KPI Green extended its rally as the stock soared as much as 3.28 per cent to hit an intraday high of Rs 1,899 per share on Tuesday. 

Notably, the stock has risen 7 per cent in two trading sessions following the deal announcement on Friday, July 5, 2024. 

The uptick in share price came on the back of KPI Green signing a 50MW hybrid power purchase deal with Gujarat Urja Vikas Nigam Limited (GUVNL).

In an exchange filing, KPI Green said, “We are excited to announce that KPI Green Energy Limited has successfully signed a Power Purchase Agreement (PPA) for a 50MW Solar-Wind Hybrid Power Project with Gujarat Urja Vikas Nigam Limited (GUVNL).”

The project, comprising 50 MW Solar and 16.80 MW Wind, was awarded through a competitive bidding process, and secured through a reverse eAuction on January 22, 2024, the company added.

Established in 2008, KPI Green Energy Ltd operates as a subsidiary of KP Group. Specialising in renewable energy, the company undertakes the complete lifecycle of solar and wind solar hybrid power projects. 

It functions both as an Independent Power Producer (IPP) and service provider for Captive Power Producers (CPPs) under its ‘Solarism’ brand, offering development, construction, ownership, management, and maintenance services for renewable power facilities.

The market capitalisation of this SmallCap company is Rs 11,381.05 crore, according to Bombay Stock Exchange (BSE). 

The 52-week high of the stock is Rs 2,109.25 while its 52-week low is Rs 496.92 per share.

At 9:56 AM, shares of KPI Green were trading 2.58 per cent higher at Rs 1,886.05 per share. In comparison, BSE Sensex was trading 0.23 per cent higher at 80,142.64 levels.