KPI Green Energy Limited emerges winner in GUVNL tender for Solar Photovoltaic Power Project.

KPI Green Energy Limited has emerged as the winner in the Gujarat Urja Vikas Nigam Limited (GUVNL) tender for development of Solar Photovoltaic Power Project. This achievement marks a significant milestone in our journey towards growth, consolidation and excellence.

The Company had participated in the competitive bidding process for the "Purchase of power through competitive bidding process vide RFS No. GUVNL / 800 MW / Khavda / Solar (PhaseXX)" issued by GUVNL on May 20, 2023, followed by a reverse E-Auction held on July 01, 2023. This tender was for the development of 800 MW grid-connected Solar Photovoltaic Power Projects to be set up in Gujarat State Electricity Corporation Ltd. (GSECL) solar park at Khavda (GSECL Stage 2), with a Greenshoe Option of additional capacity up to 800 MW.

We are delighted to share that the Company successfully bid for a base capacity of 100MWAC (120MWP) and, as part of the Greenshoe Option, accepted the proposal for an additional 100MWAC (120MWP), thereby securing the full quoted capacity of 200MWAC (240MWP) gridconnected Solar Photovoltaic Power Project. We have received the Letter of Intent with reference no. GUVNL/COM/2023/GM(RE)/Solar/959 dated August 3, 2023, awarding us the full quoted capacity. The Power Purchase Agreement (PPA) with GUVNL shall be executed after obtaining the approval of the Gujarat Electricity Regulatory Commission (GERC).

It gives us immense pride to share that this tender win is aligned with our strategic vision and ambitious target of achieving 1 GWp by the year 2025. We are delighted to inform that the Company has successfully energized a total capacity of 339 MWp, with 141 MWp under the IPP segment and an impressive 198 MWp under the CPP segment.

Moreover, we are excited to announce that, with the successful securing of this tender of 240 MWP and with the other confirmed cumulative orders in hand of 144 MWp along with the existing energized capacity of 339 MWp, our cumulative capacity will soon reach to an impressive 723 MWp out of our cumulative target of 1 GWp by the year 2025. As a result, the company is expected to achieve its 1 GWp milestone much earlier than its projected deadline of the year 2025. This remarkable achievement stands as a testament to the unwavering dedication and hard work of our team, alongside the invaluable support and trust of our stakeholders and shareholders.

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