New Delhi: KPI Green Energy Ltd has received a Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Ltd (GUVNL) for developing 150 MW of grid-connected wind power capacity, the company informed the bourses in a re. The LOI, dated July 14, follows a competitive bidding process launched by GUVNL under its Phase IX tender for 250 MW, with a greenshoe option for an additional 250 MW. KPI Green was one of the successful bidders in the reverse e-auction held on April 22 and secured a 150 MW capacity allocation.
The company said it will enter into a power purchase agreement (PPA) with GUVNL after securing approval from the Gujarat Electricity Regulatory Commission (GERC). The project will be executed as per the schedule and terms outlined in the January 2025 request for selection (RfS) document issued by GUVNL.
Calling the LOI a vote of confidence in its capabilities, KPI Green said the award aligns with its long-term growth strategy. “This order is closely aligned with our strategic vision and our ambitious target of achieving 10 GW capacity by 2030,” the company said in its regulatory filing.
The company confirmed that there is no promoter group interest in GUVNL and that the order does not fall under related party transactions.