KPI Global Infrastructure Limited has announced that it has added 7.5 MW to its existing solar power project located in Amod taluka of Gujarat’s Bharuch district.
As per a filing on the Bombay Stock Exchange, the additional capacity was commissioned on November 4, 2019, for the company’s industrial customers UPL Limited, Vapi and Colourtex Industries. The companies have signed power purchase agreements for which the KPI Global has received the commissioning certificate from Gujarat Energy Development Agency (GEDA). This group captive project has been set up under the open access regulations of Gujarat.
According to the BSE filing documents, the company has successfully commissioned the full capacity of 25 MW under the second phase of its solar projects. KPI Global has received financial assistance from Power Finance Corporation Limited for these projects.
With this addition, KPI’s total cumulative solar capacity under the independent power producer category has gone up to 40.75 MW.
The company has also received a registration certificate from GEDA for setting up of solar ground-mounted project under Gujarat Solar Power Policy, 2015 for an additional capacity of 20 MW which takes the total capacity up to 60 MW (existing 40 MW and new 20 MW) at its project site at Amod taluka in Bharuch district of Gujarat.
Earlier this year, KPI Global announced the acquisition of KPIG Energia Private Limited, a newly-formed special purpose vehicle (SPV) registered in May 2019. The acquisition has been executed at the face value of its shares valued at ₹10 (~0.14). The total cost of acquiring the SPV was ₹0.1 million (~$1,443) divided into 10,000 equity shares.
Previously, Mercom had reported that the government of Gujarat approved a policy that aims to develop the state’s small-scale distributed solar photovoltaic sector. The policy would be in force for five years, and the projects installed and commissioned within the operative period of policy will be eligible for benefits under this policy for the entire 25-year term of their power purchase agreement.
Rakesh Ranjan 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.