KPI Green Energy in a filling to BSE has informed that the company had participated in the bidding process for the procurement of power through competitive bidding process for the development of solar and hybrid RE projects. The biding projects included, (Tender-I) 500 MW grid-connected solar photovoltaic power projects to be set up anywhere in India with Greenshoe option of additional capacity upto 500 MW, vide RFS No. GUVNL / 500 MW / Solar (Phase-XXIV) dated March 15, 2024, followed by a reverse E-Auction (‘Tender-I’) and (Tender-II) 500 MW grid-connected Hybrid RE Power Projects with Greenshoe option of additional capacity upto 500 MW, vide RFS No. GUVNL / 500 MW / Hybrid RE (Phase-II) dated February 14, 2024, followed by a reverse E-Auction (‘Tender-II’).
KPI Green Energy has emerged as a successful winner in Tender-I for a base capacity of 120MWAC (132MWDC) and, as part of the Greenshoe Option, accepted the proposal for an additional 120MWAC (132MWDC) along with 10MWAC (11MWDC) additional capacity, thereby securing the cumulative capacity of 250MWAC (275MWDC) under grid-connected Solar Photovoltaic Power Project.
The company has also emerged as a successful winner in Tender-II for a base capacity of 50MWAC (87MWDC) and, as part of the Greenshoe Option, accepted the proposal for an additional 50MWAC (87MWDC) along with 270MWAC (468MWDC) additional Greenshoe capacity, thereby securing the cumulative capacity of 370MWAC (642MWDC) grid-connected Hybrid RE Power Project.
“We have received the LoIs for both the Tenders. The Power Purchase Agreements (PPAs) with Gujarat Urja Vikas Nigam (GUVNL) shall be executed after obtaining the approval of the Gujarat Electricity Regulatory Commission (GERC). We are thrilled to announce that with these capacity additions, our cumulative portfolio of renewable energy will soar to an impressive capacity of 2,800+ MW, out of which 1,432+ MW is under the Independent Power Producer (IPP) segment and 1,368+ MW is under the Captive Power Producer (CPP) segment,” said Dr. Faruk G. Patel, Chairman & Managing Director, KP Group.
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