KPI Green Energy shares rise 7% after company signs 500 MW solar park deal with Uttarakhand government
KPI Green Energy, one of the leading players in the renewable energy sector, saw its share price rise 7% to reach ₹885 apiece in Friday's early trade deals on multiple positive developments. The company said on Thursday that it has signed a Memorandum of Understanding with the Government of Uttarakhand along with Advait Infratech Limited for the development of a 500 MW solar park under the Captive Power Producer (‘CPP’) segment. The company also informed that Sun Drops Energia Private Limited, a wholly owned subsidiary of KPI Green Energy, received a new order for executing the Wind-Solar Hybrid Power Project for 2.10 MW capacity, comprising of 2.10 MW wind and 1 MW solar capacity, from CTX Life Sciences.
KPI Green Energy is a solar power generation company focused on providing solar power, both as an independent power producer ('IPP') under the brand name of 'Solarism' and as a service provider to captive power producer ('CPP') customers. Also Read: Govt to act against solar power developers flouting local sourcing norms Amidst India's ambitious goal of achieving 280 GW of solar power by 2030, the renewable energy sector is in a favourable position. KPI Green Energy aims to commission a substantial 1000 MW of solar power for its clients by 2025.
The shares have been on a winning run over the last few months, driven by the company's significant order wins. In the current month so far, they are up by nearly 6%, and over the last six months, the shares have delivered an impressive return of 73.97%. In the last one-year period, they gained 137%.
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