Shares of KPI Green Energy Rise 7% After Inking MoU Uttarakhand Government for 500 MW Solar Park – EQ
In Short : KPI Green Energy experienced a 7% surge in its shares following the signing of a Memorandum of Understanding (MoU) with the Uttarakhand Government for the development of a 500 MW solar park. This collaboration signifies a significant step towards boosting renewable energy capacity in the region. Investors responded positively to the company’s commitment to contributing to India’s sustainable energy goals, driving the rise in its stock value.
In Detail : KPI Green Energy, a prominent player in the renewable energy sector, witnessed a 7% surge in its share price, reaching Rs 885 apiece during early trading on Friday, thanks to several positive developments.
In collaboration with Advait Infratech Limited, Independent Power Producer KPI Green Energy Limited signed a significant Memorandum of Understanding (MoU) with the Government of Uttarakhand to establish a massive 500 MW solar park under the Captive Power Producer (CPP) segment.
The initiative aligns seamlessly with Uttarakhand’s Renewable Policy, emphasising rooftop solar, community solar, solar villages, and behind-the-meter projects with energy storage. This venture will play a pivotal role in ushering in a greener and more sustainable future for the region.
Shares of KPI surged to an intraday high of Rs 885, rising over 7% from the previous closing price on the National Stock Exchange (NSE). At 03:25, the scrip was trading at Rs 867.55, up 4.95% from the last closing.
KPI Green Energy specialises in solar power generation, operating as an independent power producer (IPP) under the ‘Solarism’ brand. KPI Green Energy aims to commission a substantial 1000 MW of solar power by 2025.
The company also reported that its wholly owned subsidiary, Sun Drops Energia Private Limited, secured a new order to execute a Wind-Solar Hybrid Power Project with a capacity of 2.10 MW (2.10 MW wind and 1 MW solar) from CTX Life Sciences.
