New Delhi: KPI Green Energy Limited has operationalised a further 130 MW AC / 195 MW DC of solar capacity under its 370 MW AC / 677 MW DC wind-solar hybrid power project at Bharuch, Gujarat, the company said in a statement on Wednesday. Dr Faruk G Patel, Chairman and Managing Director (CMD) of the company, described the addition as "an important step and a big milestone, as we are dedicatedly working towards the continued growth of our renewable energy portfolio."
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The company said the addition takes its cumulative energised capacity under the project to 269.7 MW AC / 389.7 MW DC.
"With 269.7 MW AC / 389.7 MW DC now energised under the project, we are steadily expanding our IPP capacity and strengthening our base of long-term, recurring revenues," Patel said.
The cumulative figure of 269.7 MW AC is about 73 percent of the project's 370 MW AC rating. On the DC side, 389.7 MW DC is about 58 percent of the 677 MW DC rating. That leaves 100.3 MW AC / 287.3 MW DC still to be energised.
The 130 MW AC / 195 MW DC energised in this tranche implies 139.7 MW AC / 194.7 MW DC energised earlier under the same project. The statement does not break the cumulative 269.7 MW AC into its wind and solar components. It identifies only the current tranche as solar.
The project is being developed as an Independent Power Producer (IPP) under a long-term Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL).
The hybrid project was one of two PPAs KPI Green Energy signed with GUVNL on October 16, 2024, together totalling 620 MW AC. The hybrid capacity was awarded under a tender floated on February 14, 2024, following competitive bidding and a reverse e-auction. The second PPA in that package covered a 250 MW AC grid-connected solar photovoltaic project.
The statement said the progressive energisation of capacity "further strengthens KPI Green Energy Limited's IPP portfolio as the Company continues to expand its renewable energy business alongside its EPC operations." It went on to assert that the progressive addition of capacity under long-term PPAs "supports the Company's recurring revenue streams, while providing greater visibility into future earnings and supporting long-term value creation for stakeholders."
Patel linked the addition to national capacity growth. "India continues to increase its renewable energy capacity and move toward a cleaner and more sustainable energy future, and we are focused on supporting this transition through the development of large-scale renewable energy projects," he said.
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KPI Green Energy Limited develops, owns and operates solar and hybrid power projects under both captive power producer and independent power producer models. Founded in 2008, it is part of the KP Group.