Gujarat-based KP Energy Limited, a leading engineering, procurement, and construction (EPC) company in the wind sector, announced its financial results for the second quarter (Q2) of the financial year (FY) 2021, along with its future goals. In the earnings presentation, the company also talked about its achievements in Q2 FY 2021.
As per the company’s statement, the most important achievement for the company in Q2 FY 2021 was the charging of the long-overdue 220 kV double circuit extra-high voltage line (two independent circuits with the capability to handle 300 MW of wind power each) between 300 MW Gadhsisa site and the Power Grid Corporation of India Limited’s (POWERGRID) substation at Nirona. The company said that this development paved the way for closing the pending accounting, reconciliation with GE, and adjust the debts taken to meet cost overruns.
Previously, Mercom reported that KP Energy and GE India Industrial (P) Limited had signed a definitive agreement to develop a 300 MW wind power project, consisting of 120 wind turbine generators of 2.5 MW each. The project was to be developed in the Kutch region.
In its presentation, the company noted that the first circuit of the double circuit line had energized the wind farm. The 220/33 kV pooling substation has been brought into operation along with the first phase of 50 MW. The remaining phases of the project will also become operational in a time-bound manner, with most of the activities in the final stages of completion.
About the development of the 250.8 MW CLP India’s wind project at Sidhpur-II site in Dwarka, the company said that the regulatory hurdles have now been addressed, and the company will execute the project. The agreements and technical documentation had to be changed for the project, which led to the delay in the project’s development, and it has taken more time than expected.
The company also announced that with the second circuit completely laid, it will support the 300 MW Vanki project’s development. The project will be developed on privately held land parcels and will become operational by 2022.
While discussing the future developments, the company noted that the 30 MW evergreen project at Mahuva-II site in Bhavnagar would get the time extension. The construction is expected to start in Q3 FY 2021.
KP Energy Limited has 8.4 MW of power generation assets and has an operation and maintenance (O&M) portfolio of ~200 MW.
Wind Installations in India increased by about 117% in the third quarter of 2020 (Q3 2020), with about 295 MW of installations compared to the previous quarter’s 136 MW, according to data from the Ministry of New and Renewable Energy. Tamil Nadu and Gujarat were the only two states which added wind capacity during the quarter with about 221 MW and 73 MW, respectively.
Rakesh is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). More articles from Rakesh Ranjan.