KPI Green Gets Boost With 92 MW Project Days After Receiving Order From Adani

Renewable energy firm KPI Green Energy on Friday announced that the company has successfully completed a power project of 92.4 megawatts for Ayana Renewable Power Four in Gujarat’s Bhuj.

In an exchange filing dated Friday, the company said that the project comprised 28 wind turbine generators. It has completed all the work under its scope, including balance of plant (BOP), power substation (PSS), EHV transmission line, and erection and installation of the turbine generators.

KPI Green said that the project completion reflects the company’s commitment towards strengthening India’s renewable power capacity and the country’s clean energy transition.

“The project has received the requisite CEA approval, reflecting the company’s execution capabilities in delivering large-scale and complex renewable energy infrastructure projects,” it said in the exchange filing.

The stock of the company was trading at around Rs 398 on Friday, marginally up from Thursday’s closing price of Rs 395. However, the stock has delivered a return of more than 300% during the last three years.

In February 2023, the company’s stock was trading at around Rs 100, which is now close to hitting the Rs 400 mark. The company now boasts a market capitalisation of around Rs 3,854 crore.

KPI Green had recently received a work order from Adani Group for the execution of electrical, civil, and allied work for a 300 MWac/405 MWdc project.

The scope of the work order includes electrical AC-DC works and civil works, including pile foundation, installation of stubs, erection of module mounting structures, modules, robotic cleaning system structures and IDT stations, and supply of electrical DC/AC and HT equipment, the company had said.

The company had posted strong financials in the third quarter of the ongoing financial year. It reported a 47% year-on-year increase in its consolidated net profit at Rs 125 crore. Its revenue from operations also improved by 46% to Rs 458 crore during the same period, expanding the EBITDA margin from 29% to close to 35% in a year.