Power Stock Rises After Company Receives LOI For Hybrid Power Project, Up 1188.89 In 2 Yrs

Power Generation company KPI Green Energy Limited shares rose over 3% after the company announced that it has been awarded a Letter of Intent (LOI) for a 145.20 MW Wind-Solar Hybrid Power Project by M/s Ayana Renewable Power Four Private Limited.

This project, which is a part of the company's "Captive Power Producer (CPP)" business division, will be situated in Gujarat state. The Company will be in charge of offering a variety of services under the project, including Engineering, Procurement, Construction, and Commissioning (EPCC). The project is scheduled to be completed in the financial year 2024-25.

According to a regulatory filing, "KPI Green Energy Limited has been awarded a Letter of Intent (LOI) for a 145.20 MW Wind-Solar Hybrid Power Project (comprising 145.20 MW Wind and 50 MW Solar) by M/s Ayana Renewable Power Four Private Limited, based in Bangalore. This project will be located in the state of Gujarat and falls under the Company's 'Captive Power Producer (CPP)' business segment.
It added, "Additionally, the Company will be responsible for providing a range of services, including Engineering, Procurement, Construction, and Commissioning (EPCC). This entails tasks such as land acquisition, design, manufacturing, supply, construction, erection, testing, and commissioning for the balance of plant, as well as the facilitating power evacuation facilities and securing the necessary approvals and permits for the Project."

KPI Green Energy shares closed 1.15% up at Rs 822.70 apiece on the BSE. The stock declined 3.95% in 1 week, and 5.85% in 1 month, respectively. It gained 88.45% in 6 months. It gained 84.57% in 1 year. The stock gave a robust return of 1188.89% in 2 years, and 2319.71% in 3 years, respectively.

The stock hit 52-week high on Aug 29, 2023, at Rs 953.80 apiece and 52-week low on Oct 31, 2022, at Rs 345 apiece. It has a market valuation of Rs 2,972.74 Crore.

KPI Green Energy Limited (Formerly known as KPI Global Infrastructure Limited), is the solar and hybrid vertical of KP Group. It is a prominent Gujarat-based solar and hybrid power generating company.s The Company develops, builds, owns, operates and maintains solar and hybrid power plants through as an Independent Power Producer (IPP) and as a service provider to Captive Power Producer (CPP) under the brand name of 'Solarism'.