Surat-based renewable energy project developer KPI Green Energy won Coal India’s (CIL) auction to set up a 300 MW grid-connected ground-mounted solar project at the Khavda Solar Park in Gujarat.

The project’s contract value is ₹13.11 billion (~$154.77 million).

The scope of work includes the design, engineering, procurement, supply of equipment and materials, erection, testing, and project commissioning. It also includes the supply, packing, forwarding, and transportation of PV modules up to Khavda Solar Park and the transit insurance of crystalline solar modules with nominal wattage and dimensions, as mentioned in the scope of supply for the 1500V system voltage.

KPI will also be responsible for the project’s five-year comprehensive operation and maintenance.

The project should have a minimum capacity utilization factor of 28% at the time of delivery.

The tender was floated in September this year.

KPI Green posted a total revenue of ₹3.61 billion (~$42.83 million) in the second quarter of the financial year 2025, an increase of 67% year-over-year. The company reported earnings per share of ₹5.55 (~$0.066) compared to ₹3.21 (~$0.038) in the corresponding period last year.

As of September 30, 2024, the company has over 2,409 MW orders. It has over 1,148 MW in the captive power producer segment. The company also has received orders for over 1,261 MW under the independent power producer segment.

In June, KPI Green secured a credit facility of ₹6.86 billion (~$82.1 million) to develop a 200 MW solar photovoltaic power project in Khavda, Kutch District.

In June, KPI Green secured ₹6.86 billion (~$82.1 million) funding for a 200 MW solar project in Khavda, Gujarat.

KPI was one of the five companies declared winners in the Gujarat Urja Vikas Nigam’s auction to supply power from 500 MW grid-connected solar power projects with a 500 MW greenshoe option (Phase XXIV).

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