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Daily News Wrap-Up: SECI’s 1,000 MW ISTS Solar Auction Results


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					</table><p>Surat-based <a href="https://www.kpigreenenergy.com/" target="_blank" rel="noopener">KPI Green Energy</a>, a solar and hybrid power provider, posted a total revenue of ₹3.61 billion (~$42.83 million) in the second quarter (Q2) of the financial year (FY) 2025, an increase of 67% year-over-year (YoY).</p>
<p>The earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 87% YoY to ₹1.34 billion (~$15.9 million).</p>
<p>The company posted a net profit of ₹698 million (~$8.28 million) in Q2 FY25, an increase of 101% over the same period last year.</p>
<p>KPI Green reported earnings per share (EPS) of ₹5.55 (~$0.066) compared to ₹3.21 (~$0.038) in the corresponding period last year.</p>
<p>As of September 30, 2024, the company has orders of more than 2,409 MW. It has over 1,148 MW in the captive power producer (CPP) segment. The company also has received orders for over 1,261 MW under the independent power producer (IPP) segment.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/KPI-Q2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-72381 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/KPI-Q2.png" alt="KPI Q2" width="752" height="392" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/KPI-Q2.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/KPI-Q2-300x156.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/KPI-Q2-650x339.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/KPI-Q2-624x325.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/KPI-Q2-600x313.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></a></p>
<p><strong>First half (1H) FY25</strong></p>
<p>KPI Green posted a total revenue of ₹7.11 billion (~$84.37 million) in 1H FY25, an increase of 75% YoY. CPP comprised 87.9% of revenue, while IPP accounted for 12.1% of the company’s revenue.</p>
<p>The EBITDA for the period grew by 87% YoY to ₹2.67 billion (~$31.68 million).</p>
<p>The company posted a net profit of ₹1.36 billion (~$16.13 million) in 1H FY25, an increase of 100% over the same period last year.</p>
<p>KPI reported EPS of ₹11.03 (~$0.13) compared to ₹6.27 (~$0.074) in the corresponding period last year.</p>
<p>In the IPP segment, KPI has commissioned over 171 MW of operational capacity, with an additional 1,261 MW actively under execution. In the CPP segment, KPI has commissioned 336 MW of capacity for captive generation, with another 1,148 MW in the pipeline. In addition to its IPP and CPP projects, as of H1 FY25, KPI has commissioned 81 MW in hybrid projects, with a robust pipeline of over 1.1 GW in hybrid orders.</p>
<p>In June, KPI Green <a href="https://www.mercomindia.com/kpi-green-secures-mw-solar-project" target="_blank" rel="noopener">secured</a> ₹6.86 billion (~$82.1 million) funding for a 200 MW solar project in Khavda, Gujarat.</p>
<p>KPI was one of the five companies <a href="https://www.mercomindia.com/kpi-avaada-guvnl-500-mw-solar-auction" target="_blank" rel="noopener">declared</a> 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).</p>


KPI Green’s Revenue Increases 67% YoY in Q2 FY 2025


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					</table><p><a href="https://www.kpigreenenergy.com/" target="_blank" rel="noopener">KPI Green Energy</a>, <a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Energy</a>, Solarcraft Power India 5 (<a href="https://blupineenergy.com/" target="_blank" rel="noopener">BluPine Energy</a>), <a href="https://www.nrcconveyor.com/" target="_blank" rel="noopener">NRC Industries</a>, and  <a href="https://www.hindujarenewables.com/" target="_blank" rel="noopener">Hinduja Renewables</a> were declared winners in Gujarat Urja Vikas Nigam’s (<a href="https://www.guvnl.com/" target="_blank" rel="noopener">GUVNL</a>) auction to supply power from 500 MW grid-connected solar power projects with a 500 MW greenshoe option (Phase XXIV).</p>
<p>KPI Green won 120 MW at a tariff of ₹2.67 (~$0.0320)/kWh. Avaada quoted ₹2.68 (~$0.0321)/kWh to win 200 MW. BluPine won 40 MW at a tariff of ₹2.69 (~$0.0322)/kWh. NRC Industries quoted ₹2.72 (~$0.0326)/kWh to win 10 MW.</p>
<p>Hinduja Renewables won 130 MW out of the quoted capacity of 300 MW at 2.72 (~$0.0326)/ KWh under the bucket-filling method.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Solar-Projects-Phase-XXIV-Auction-Result.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-66985 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Solar-Projects-Phase-XXIV-Auction-Result.png" alt="GUVNL's 500 MW Solar Projects (Phase-XXIV) Auction Result" width="882" height="376" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Solar-Projects-Phase-XXIV-Auction-Result.png 882w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Solar-Projects-Phase-XXIV-Auction-Result-300x128.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Solar-Projects-Phase-XXIV-Auction-Result-768x327.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Solar-Projects-Phase-XXIV-Auction-Result-650x277.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Solar-Projects-Phase-XXIV-Auction-Result-624x266.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Solar-Projects-Phase-XXIV-Auction-Result-600x256.png 600w" sizes="(max-width: 882px) 100vw, 882px" /></a></p>
<p>The tender was <a href="https://www.mercomindia.com/guvnl-issues-tender-to-from-projects-across-india/" target="_blank" rel="noopener">floated</a> in March.</p>
<p>GUVNL had mandated the utilization of solar modules from the Approved List of Models and Manufacturers issued by the Ministry of New and Renewable Energy.</p>
<p>Projects in various stages, including those under construction, yet to be commissioned, or already commissioned without long-term power purchase agreements with any entity, and currently selling power on a short-term or merchant plant basis, will be considered under this tender.</p>
<p>However, these projects must not have been accepted under other central or state programs and should have no obligations towards existing buyers.</p>
<p>The solar projects can be established within existing grid-connected wind farms, provided spare capacity is available for renewable energy integration at the respective Gujarat Energy Transmission Corporation or central transmission utility substations.</p>
<p>Bidders must offer a minimum capacity of 50 MW for interstate-connected projects and 10 MW for projects connected to the state transmission utility.</p>
<p>GUVNL recently <a href="https://www.mercomindia.com/guvnl-500-mw-wind-solar-hybrid-auction/" target="_blank" rel="noopener">concluded</a> the auction to supply power from 500 MW grid-connected wind-solar hybrid projects with a 500 MW greenshoe option. KPI Green quoted ₹3.33 (~$0.0399)/ KWh for 50 MW. Juniper won 120 MW at ₹3.34 (~$0.04) /kWh. Hinduja quoted ₹3.39 (~$0.0406)/ KWh for 150 MW.  JSW won 180 MW out of the quoted capacity of 200 MW at 3.39 (~$0.0406)/ KWh under the bucket-filling method.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> for timely updates on all solar tenders issued by various agencies in India.</p>


KPI Green, Avaada, BluPine, NRC and Hinduja Win GUVNL’s 500 MW Solar Auction


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					</table><p><a href="https://www.kpigreenenergy.com/" target="_blank" rel="noopener">KPI Green Energy</a>, <a href="https://www.junipergreenenergy.com/">Juniper Green Energy</a>, <a href="https://www.hindujarenewables.com/" target="_blank" rel="noopener">Hinduja Renewables Energy</a>, and JSW Neo Energy (<a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Energy</a>) were declared winners in Gujarat Urja Vikas Nigam’s (<a href="https://www.guvnl.com/" target="_blank" rel="noopener">GUVNL</a>) auction to supply power from 500 MW grid-connected wind-solar hybrid projects with a 500 MW greenshoe option.</p>
<p>KPI Green quoted ₹3.33 (~$0.0399)/ KWh for 50 MW. Juniper won 120 MW at ₹3.34 (~$0.04) /kWh. Hinduja quoted ₹3.39 (~$0.0406)/ KWh for 150 MW.  JSW won 180 MW out of the quoted capacity of 200 MW at 3.39 (~$0.0406)/ KWh under the bucket filling method.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Wind-Solar-Hybrid-Projects-Phase-II-Auction-Result-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-66918 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Wind-Solar-Hybrid-Projects-Phase-II-Auction-Result-1.png" alt="GUVNL's 500 MW Wind- Solar Hybrid Projects (Phase-II) Auction Result" width="787" height="317" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Wind-Solar-Hybrid-Projects-Phase-II-Auction-Result-1.png 787w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Wind-Solar-Hybrid-Projects-Phase-II-Auction-Result-1-300x121.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Wind-Solar-Hybrid-Projects-Phase-II-Auction-Result-1-768x309.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Wind-Solar-Hybrid-Projects-Phase-II-Auction-Result-1-650x262.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Wind-Solar-Hybrid-Projects-Phase-II-Auction-Result-1-624x251.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Wind-Solar-Hybrid-Projects-Phase-II-Auction-Result-1-600x242.png 600w" sizes="(max-width: 787px) 100vw, 787px" /></a></p>
<p>The tender was <a href="https://www.mercomindia.com/guvnl-floats-tender-wind-solar-hybrid-power/" target="_blank" rel="noopener">floated</a> in February this year.</p>
<p>The tender specified that projects under construction, those not yet operational, and those already in operation but without a long-term power purchase agreement (PPA) with any agency selling power on a short-term or merchant basis would be eligible. However, this eligibility criterion applies exclusively to projects that have not been accepted under any other central or state programs and do not have any obligations to existing buyers.</p>
<p>Successful bidders must enter into a PPA with GUVNL within 30 days of issuing the letter of intent or within ten days of the Gujarat Electricity Regulatory Commission adopting the tariff, whichever occurs later.</p>
<p>To mitigate technology risks and ensure timely project commissioning, only commercially established and operational technologies must be used in the projects.</p>
<p>Bidders from countries sharing a land border with India were eligible to participate in this tender, provided they were registered with the competent authority.</p>
<p>Only wind turbine models certified and listed in the Revised List of Models and Manufacturers by the Ministry of New and Renewable Energy (MNRE), updated until the project’s scheduled commercial operation date, are approved.</p>
<p>GUVNL has specified the use of solar modules listed on the Approved List of Models and Manufacturers issued by the MNRE.</p>
<p>The projects under the earlier phase were <a href="https://www.mercomindia.com/kpi-green-juniper-guvnl-hybrid-auction" target="_blank" rel="noopener">awarded</a> to KPI Green Energy and Juniper Green Energy.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> for timely updates on all solar tenders issued by various agencies in India.</p>


KPI Green, Juniper, Hinduja, JSW Win GUVNL’s 500 MW Wind-Solar Hybrid Auction


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-skeleton-technologies-raises-114-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Skeleton Technologies, a manufacturer of ultracapacitor-based energy storage solutions, <a href="https://mercomcapital.com/supercapacitor-skeleton-technologies-raises-million/" target="_blank" rel="noopener">raised</a> €108 million (~$114 million)</strong> in a funding Series E1 round to expand the company’s product development and finance the manufacturing expansion for supercapacitors. The round saw participation from Siemens Financial Services (SFS), Marubeni Corporation, Berkshire Hathaway, and Brazilian mining company CBMM. With the concluded Round E1, Skeleton&#8217;s total funding exceeds €300 million (~$316 million).</p>
<p><strong>Renewable energy solutions provider KPI Green Energy is </strong><a href="https://www.mercomindia.com/kpi-green-acquire-majority-stake-kpark-sunbeat" target="_blank" rel="noopener"><strong>acquiring</strong></a><strong> a 99.9% equity stake in solar power developer KPark Sunbeat</strong> for a consideration of ₹1.26 billion (~$15.1 million). In a regulatory filing, KPI Green Energy said its board of directors had approved the acquisition of 9,900 equity shares of KPark Sunbeat in a related party transaction. KPI has been consolidating the solar projects of the KP Group into a single entity, KPI Green Energy.</p>
<p><strong>myenergi, a manufacturer of eco-smart home technology in the UK, <a href="https://mercomcapital.com/smart-home-company-myenergi-gets-36-million/" target="_blank" rel="noopener">secured</a> an investment of £30 million (~$36 million)</strong> from Energy Impact Partners. The investment will help the company’s growth and internationalization plans. The company had raised another debt financing earlier this year from HSBC. Jefferies, a leading global full-service investment banking and capital markets firm, acted as Sole Financial Advisor to myenergi.</p>
<p><strong>raicoon, a provider of AI-based solutions for autonomous solar operations, </strong><a href="https://mercomcapital.com/autonomous-solar-ai-company-raicoon-raises/"><strong>raised</strong></a><strong> €4 million (~$4.2 million)</strong> in a seed funding round. Premier climate, tech, and impact funds PUSH VC, Voltares, and a private family office contributed to the strategic funding round. The company plans to use the funding to tap into new markets and enhance its product offering.</p>
<p><strong>Birla Carbon, a group company of the diversified Aditya Birla Group, has </strong><a href="https://www.mercomindia.com/birla-carbon-acquires-battery-materials-nanocyl" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> Nanocyl</strong>, a multi-wall carbon nanotube manufacturer based in Sambreville, Belgium. The acquisition will help Birla Carbon, a manufacturer and supplier of carbon black, expand its presence in materials critical to lithium-ion battery performance. Birla Carbon provides sustainable carbon black solutions that enhance the performance of energy systems, among other products.</p>
<p><strong>Hyderabad-based rooftop solar solutions company Freyr Energy has <a href="https://www.mercomindia.com/rooftop-solar-million-equity-investment" target="_blank" rel="noopener">secured</a> an equity investment of $7 million</strong>, which it said will be used to increase the adoption of solar energy among retail customers in India. The funding round was led by EDFI ElectriFI, a European Union-funded impact investment facility managed by EDFI Management Company, which contributed $3 million to the investment.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-mecaware-raises-42-million/" target="_blank" rel="noopener">roundup</a></p>


Funding and M&A Roundup: Skeleton Technologies Raises $114 Million

<p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>The Ministry of New and Renewable Energy</strong> (<a href="https://mnre.gov.in/" target="_blank" rel="noopener"><strong>MNRE</strong></a><strong>)</strong><strong> has issued a new guideline stating that states can invite bids to empanel vendors </strong>for different regions to install standalone solar pumps under the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM KUSUM) program. However, the price discovered in the latest centralized tender would be considered as the ceiling price. To give sufficient time to states for implementation, MNRE has decided to increase the implementation period to 24 months from the date of issue of approval for all three components of the KUSUM program. Extension beyond 24 months will be considered as per the program guidelines. The provision for incentivizing farmers who consume less electricity than the benchmark consumption will be an option as not all farmers may be willing to install necessary meters to avail incentives. The DISCOM will inform the farmers about the benchmark consumption and the amount of incentive per unit they can avail of in case of lower consumption.</p>
<p><strong>NTPC has </strong><a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1781633" target="_blank" rel="noopener"><strong>awarded</strong></a><strong> a standalone fuel-cell-based microgrid with a hydrogen production program using electrolyzer in NTPC guest house at Simhadri.</strong> It is India&#8217;s first green hydrogen-based energy storage project. It would be a precursor to large-scale hydrogen energy storage projects and help study and deploy multiple microgrids in various off-grid and strategic locations.  The hydrogen would be produced using the advanced 240 kW solid oxide electrolyzer by taking input power from the nearby floating solar project. The hydrogen produced during sunshine hours would be stored at high pressure and electrified using a 50 kW solid oxide fuel cell. The system would work in standalone mode from 5 PM to 7 AM.</p>
<p><strong>Power Finance Corporation (FFC) </strong><a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/b5184919-51b1-4012-a6af-f8bd2c755cb9.pdf" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that Koppal-Narendra Transmission, a wholly-owned subsidiary of PFC Consulting, has been transferred to ReNew Transmission Ventures. </strong>The subsidiary of PFC established Koppal-Narendra Transmission to develop the evacuation of 2.5 GW power from renewable sources in the Koppal Wind Energy Zone in Karnataka. ReNew Transmission Ventures emerged as the successful bidder recently.</p>
<p><a href="https://kpigil.com/" target="_blank" rel="noopener"><strong>KPI Global Infrastructure </strong></a><strong>has bagged orders from </strong><strong>Gandhar Food Products</strong><strong>, N. J. Texturisers, Sai Laxmi Tex, Shabnam Petrofils, and Vihita Chem for executing solar power projects of 5.084 MWdc </strong>capacity under the captive power producer segment. The company will install 251 kW at Gandhar Food Products, 139 kW at N. J. Texturisers, 2 MW at Sai Laxmi Tex, 1.809 MW at Shabnam Petrofils, and 885 kW at Vihita Chem. Earlier, the company had bagged a repeat order for executing a solar power project of 5.20 MWdc capacity from Devika Fibres.</p>


Daily News Wrap-Up: MNRE Simplifies Guidelines for KUSUM Solar Program

<p><a href="https://kpigil.com/" target="_blank" rel="noopener">KPI Global Infrastructure</a> has commissioned a 7.76 MWdc solar project under the independent power producer (IPP) category for its industrial customers against their power purchase agreements (PPAs).</p>
<p>According to a BSE filing, the capacity commissioned is part of the existing projects at the villages of Sudi and Tancha in Amod taluka of Bharuch district in Gujarat.</p>
<p>The project was commissioned for the below-mentioned industrial customers against their PPAs. KPI also informed the BSE that they had received the commissioning certificate dated July 26, 2021, from Gujarat Energy Development Agency (<a href="https://geda.gujarat.gov.in/" target="_blank" rel="noopener">GEDA</a>).</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2021/08/Capture-1.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-27903" src="https://mercomindia.com/wp-content/uploads/2021/08/Capture-1.png" alt="" width="521" height="240" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/08/Capture-1.png 521w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/08/Capture-1-300x138.png 300w" sizes="(max-width: 521px) 100vw, 521px" /></a></p>
<p>According to KPI, with this addition, the cumulative capacity of the solar project under the IPP category has gone up to 56.98 MWdc.</p>
<p>The company has been consistently signing up industrial customers for the sale of power from its solar projects with PPAs ranging from 15 to 20 years.</p>
<p>Recently, KPI <a href="https://mercomindia.com/daily-news-wrap-up-kpi-global-3/" target="_blank" rel="noopener">signed</a> a long-term (20 years) power purchase agreement with Polycab India, Vadodara, for the sale of 5.70 MW of solar power for their different units. It also <a href="https://mercomindia.com/daily-news-captive-solar-project/" target="_blank" rel="noopener">bagged</a> an order for executing a 12.50 MW captive solar project from Anupam Rasayan India. In February this year, KPI signed a long-term PPA with Rajputana Stainless for 3 MW of solar power for 20 years. Ginni Filaments and Sankalp Paper Industries also have 20-year PPAs to <a href="https://mercomindia.com/daily-news-wrap-up-kpi-global/" target="_blank" rel="noopener">procure</a> 1.2 MW and 1.3 MW of solar energy, respectively, from KPI Global. In August last year, KPI <a href="https://mercomindia.com/daily-news-wrap-trina-solar-expand-capacity/" target="_blank" rel="noopener">announced</a> that it had signed a 20 year PPA with Chemie Organic Chemicals Private Limited for the sale of 1.10 MW of solar power. Earlier, it <a href="https://mercomindia.com/kpi-global-signs-ppa-songwon-specialty-chemicals/" target="_blank" rel="noopener">signed</a> a PPA with Songwon Specialty Chemicals India for the sale of 1 MW of solar power for 15 years.</p>
<p>In January 2020, KPI had <a href="https://mercomindia.com/kpi-global-solar-project-gujarat/" target="_blank" rel="noopener">announced</a> that it added 7.5 MW to its existing solar project located in Amod taluka of Gujarat’s Bharuch district. The additional capacity was commissioned on November 4, 2019, for the company’s industrial customers UPL Limited, Vapi, and Colourtex Industries. This was a group captive project set up under the open access regulations of Gujarat. With this project, the company commissioned the full capacity of 25 MW. KPI Global received financial assistance from Power Finance Corporation Limited for these projects.</p>


KPI Global Commissions 7.76 MW of Solar Projects for Industrial Customers

<p><a href="https://www.kpiglobal.kpgroup.co/" target="_blank" rel="noopener noreferrer">KPI Global Infrastructure Limited</a> announced that it had signed a power purchase agreement (PPA) with Songwon Specialty Chemicals India Private Limited for the sale of 1 MW of solar power for 15 years.</p>
<p>KPI Global, a subsidiary of the KP Group, announced through a written disclosure under regulation 30 of the Securities Exchange Board of India’s listing obligations and disclosure regulations, 2015, addressed to the Bombay Stock Exchange (BSE).</p>
<p>Gujarat-based KPI Global was incorporated in 2008, is a solar developer, independent power producer (IPP), and captive power producer with over 15 MW of solar projects commissioned in India.</p>
<p>Songwon Specialty Chemicals India Private Limited is a subsidiary of the Songwon Industrial Group, industrial supplier of chemical products for several sectors and industries, including the packaging, automotive, building &amp; construction, agriculture, textiles and fibers, wire and cable, coatings, adhesives, durable &amp; consumer goods, lubricants, and electric and electronic industries.</p>
<p>Recently, Mercom <a href="https://mercomindia.com/kpi-global-solar-project-gujarat/" target="_blank" rel="noopener noreferrer">reported</a> that KPI Global Infrastructure Limited announced that it had 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.</p>
<p>Previously, in a filing to Indian stock exchanges, the company had <a href="https://mercomindia.com/solar-kpi-global-acquires-spv/" target="_blank" rel="noopener noreferrer">announced</a> the acquisition of KPIG Energia Private Limited, a newly-formed special purpose vehicle registered on May 21, 2019. The main object behind the acquisition of the SPV is for the execution of solar power projects. The acquisition has been executed at the face value of its shares valued at ₹10 (~0.14). The total cost of acquisition of the SPV is ₹0.1 million (~$1,443) divided into 10,000 equity shares.</p>


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