KPI Green Energy Ltd has announced it has secured a Letter of Intent (LOI) for the development of a substantial wind-solar hybrid power project in Gujarat. The project will operate under a Group Captive arrangement, a strategic move to bolster the company's presence in the commercial and industrial (C&I) and group captive renewable energy sectors.
The ambitious project combines 33.6 MW of wind capacity with 33.6 MW AC/43 MW DC of solar capacity, resulting in an aggregate capacity of 33.6/76.6 MW DC. To facilitate its development, ownership, and ongoing operation, the project will be managed through a dedicated Special Purpose Vehicle (SPV).
According to the company's exchange filing, the LOI was awarded by a domestic private body corporate. KPI Green Energy is tasked with completing the project's development, construction, and commissioning within 14 months from achieving Stage-2 connectivity, with a firm deadline of December 31, 2027. The energy supply agreement for the project is set for a term of 25 years from its commencement date.
This initiative aligns with KPI Green Energy's broader strategy to expand its footprint across various renewable energy opportunities, including Independent Power Producer (IPP), Group Captive, and Engineering, Procurement, and Construction (EPC) segments.
The company also clarified that its promoters or promoter group have no interest in the entity that awarded the project, ensuring that the transaction does not fall under related-party classifications.