KPI Green Energy Ltd. announced on Thursday that it has won a new order for a 33-megawatt (MW) solar power plant under the ‘Captive Power Producer (CPP)’ segment of the company from one of the leading solar-panel manufacturing companies in India.
Although the company didn’t disclose the order value, it said that it was the largest single order received by the company so far. The company added that this will further strengthen and accelerate the speed to achieve its ambitious target of reaching 1000 MW capacity by 2025.
The company has bagged the order through its wholly-owned subsidiary KPIG Energia Pvt. Ltd.
The project is scheduled to be completed in the year 2023 in various tranches as per the terms of the order.
Following the announcement of the new order, shares of KPI Green Energy rose 2.4 percent on Thursday to hit an intra-day high of Rs 927.75 apiece. Notably, the stock has sky-rocketed in the past year, surging over 191 percent compared with a 7.3 percent rise in the benchmark Nifty 50 index during the same period.
Earlier this week, KPI Green Energy received new orders to develop solar power projects aggregating to 24.90 MW capacity under the captive power producer segment from seven entities.
KPI Green Energy said that it was developing the project through its wholly-owned subsidiaries KPIG Energia Pvt. Ltd. and Sundrops Energia Pvt. Ltd.
KPI Green Energy develops, operates, and maintains captive solar power projects for its clients. The company is also a power producer and sells solar energy under the Solarism brand in Gujarat.
