KPI Green receives an order for a 36.87 MW solar power project order: Check for the execution deadline and other details

Surat, India – June 19, 2025: KPI Green Energy Ltd, one of India’s leading players in the renewable energy sector, has announced the receipt of a new order for a 36.87 MW solar power project under its captive power producer (CPP) segment. This development marks a significant step in the company’s aggressive expansion strategy and reinforces its position as a dependable partner in the clean energy domain.

Order Highlights and Execution Timeline

According to a regulatory filing made to the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), the company has secured this project from five business entities within the Gujarat Industrial Development Corporation (GIDC) area. The clients, whose names were not disclosed due to confidentiality clauses, have entered into a binding agreement with KPI Green for long-term energy supply under the CPP model.

The execution deadline for the 36.87 MW solar project is set for March 31, 2026, allowing KPI Green sufficient time for procurement, development, and commissioning. The project will be developed across the company’s existing solar park infrastructure in Gujarat, leveraging its robust EPC capabilities and land bank.

Strategic Fit and Market Implications

KPI Green, a subsidiary of KP Group, has been steadily building its portfolio with a combination of independent power producer (IPP) and CPP models. This latest order aligns well with its target of achieving 1,000 MW capacity by 2027.

Analyst View:

“This order reinforces KPI Green’s execution capability and underscores the increasing confidence of industrial players in shifting towards captive renewable energy,” said Mehul Shah, Energy Sector Analyst at ICICI Securities. “The CPP model offers cost predictability and sustainability, which is very attractive in today’s energy landscape. It also speaks to KPI Green’s ability to structure deals efficiently.”

Broader Renewable Energy Push in India

India is undergoing a major transition to cleaner energy sources, with an ambitious target of achieving 500 GW of non-fossil fuel capacity by 2030. Private players like KPI Green are playing a vital role in this transformation by supplying industrial clients with green power solutions at competitive tariffs.

As industrial power tariffs continue to rise in the open market, more MSMEs and large enterprises are adopting CPP models to hedge against volatility and meet ESG (Environmental, Social, and Governance) goals.

The state of Gujarat, where KPI Green has its core operational base, has been a leader in facilitating renewable projects with favourable policies, infrastructure, and a forward-thinking energy department.

KPI Green’s Operational Strength and Growth Outlook

KPI Green currently operates more than 250 MW under the CPP and IPP formats and has over 400 MW in its pipeline. With in-house engineering, procurement, and construction (EPC) capabilities, along with dedicated land assets and transmission infrastructure, the company has a competitive edge in both time-bound execution and cost optimization.

The recent order also reflects KPI Green’s strong business development pipeline. In FY24, the company reported a 43% YoY growth in revenue, driven primarily by CPP orders.

Key Financial Metrics (FY24):

• Revenue: ₹768 crore

• EBITDA Margin: 28.6%

• Order Book (as of March 2025): ₹1,950 crore

Investor Sentiment and Stock Performance

Following the announcement, KPI Green’s shares saw a 3.4% intraday gain, closing at ₹947.20 on the NSE. Market participants view the order as a strong validation of the company’s long-term visibility and operational efficiency.

Radhika Patel, Fund Manager at Axis Mutual Fund, noted:

“KPI Green has been a silent outperformer in the smallcap energy segment. Its asset-light development model and secured long-term PPAs offer both predictability and profitability. This order adds to that visibility.”

The stock has delivered over 210% returns in the past two years, largely attributed to the growing emphasis on renewables and KPI Green’s disciplined execution.

A Bright Horizon Ahead

The 36.87 MW order win marks a milestone for KPI Green and underscores the broader industry shift toward sustainable and self-reliant energy models. As industrial clients increasingly move towards clean energy to reduce costs and improve carbon footprints, companies like KPI Green stand to benefit from both policy support and market demand.

With the execution deadline set for March 2026, all eyes will now be on the company’s ability to stick to timelines while delivering operational excellence.