KPI Green Energy Ltd shares rose by 3% during the early trading hours on 15 March after the company announced winning a wind-solar power project from Gujarat Urja Vikas Nigam Limited (GUVNL).

In its regulatory filing, KPI Green Energy announced that it had emerged as the successful winner in the Gujarat Urja Vikas Nigam Limited (GUVNL) tender for developing a Wind-Solar Hybrid Power Project. This achievement is a significant milestone in the company’s journey towards growth, consolidation, and excellence.

The company participated in the competitive bidding process under the “Procurement of power” through a competitive bidding process issued by GUVNL on November 1, 2023. This was followed by a reverse E-Auction held on January 22, 2024. The tender was for the development of 500 Megawatt (MW) Hybrid Renewable Power Projects with a Greenshoe Option of additional capacity up to 500 MW.

KPI Green Energy received the Letter of Intent on March 14, 2024, awarding them the 50MW, which comprises 16.80 MW Wind and 50MW Solar. The Power Purchase Agreement (PPA) with GUVNL shall be executed after approval from the Gujarat Electricity Regulatory Commission (GERC) is obtained.

On March 8, KPI Green Energy received an order with a total capacity of 305MWac, of which 175MWac was awarded by Aditya Birla Renewables Subsidiary Limited and 130MWac ABREL (RJ) Projects Limited for the development of Balance of System forming part of a wind-solar hybrid power project in Gujarat.

On March 2, KPI Green Energy signed a PPA for a 200 MWAC (240MWp) grid-connected Solar Photovoltaic Power Project for Procurement of Power from 800 MW grid-connected Solar Photovoltaic Power Projects in Khavda, with a greenshoe option of additional capacity up to 800MW.

However, at 11:27 pm, the shares of KPI Green Energy lost all its early gains and were trading 3.96% lower at Rs 1,430.00 on NSE.