New Delhi: KPI Green Energy Ltd said on Friday that it has incorporated a new special purpose vehicle (SPV), KPIN Clean Power One LLP, to undertake Renewable Energy (RE) projects. The Ministry of Corporate Affairs approved the incorporation of the SPV on August 19. According to the company’s filing with the stock exchanges, KPI Green Energy contributed Rs 99,000 towards the LLP, while Rs 1,000 was contributed by its wholly-owned subsidiary, KPark Sunbeat Private Limited.
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KPIN Clean Power One LLP will focus on generating, developing, transmitting, and supplying power from renewable sources such as wind and solar energy. The company noted that the entity has yet to commence operations.
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The filing clarified that the SPV belongs to the renewable energy sector, and the transaction does not fall under related party acquisitions. No governmental or regulatory approvals were required for the incorporation, and the contribution was made in cash.