KPI Green Energy Subsidiary Secures 100 MW DCR-Compliant Solar Project

Gujarat-based KPI Green Energy has been awarded Letters of Award (LoA) to develop a 100 MW solar power project on a turnkey basis under the Domestic Content Requirement (DCR) module category. In a regulatory filing, the company said it would also undertake services and Operations & Maintenance (O&M) for the operational life of the project under its Captive Power Producer (CPP) business segment.

KPI Green secured these projects from multiple industrial investors under the Distributed Renewable Energy Bilateral Purchase (DREBP) Policy. The project is expected to be completed in the financial year 2026–27, in various tranches as per the terms of the order. The firm's share price on the exchanges has been under pressure for the past few months, being beaten down to almost Rs 425 levels, from the highs of early 2024. The firm is expected to announce a string set of results for Q2 2025-26, which might convince some investors to relook the prospects of the firm.  

Previous Projects

Highlighting the company’s strategic projects and revenue visibility, KPI Green Energy’s Chief Financial Officer (CFO) Salim Yahoo had said during the Q1 FY’26 Earnings Conference Call, “We currently have three major IPP projects under execution — a 250 MW solar project on the AC side, which translates to 350 MW on the DC side; a 370 MW hybrid project on the AC side, equivalent to 679 MW DC; and a 150 MW standalone wind project. Together, these projects represent a total execution size of Rs. 5,000 crore.”

He added, “We are targeting completion of the 250 MW pure solar and 370 MW hybrid projects by September 2026 in a phased manner. Importantly, part commissioning and revenue recognition are expected to begin within the next few quarters, enabling early monetization and cash flow generation. These projects are backed by a 25-year long-term PPA signed with GUVNL, one of the best paymasters, ensuring stable annuity income and strengthening our long-term earnings visibility.”

Projects in the Pipeline

Yahoo said that, beyond its ongoing solar and hybrid projects, KPI Green has a strong development pipeline estimated at Rs. 4,000–5,000 crore. This includes projects under bidding and those currently under discussion. “We have around Rs. 4,000–5,000 crore worth of projects in the pipeline at any given time, where our business development and tender teams are actively engaged,” he noted.

In the CPP and IPP segments, the company said it has projects averaging 3.25–3.6 MW per site for solar and hybrid projects, while wind capacities are expected to range between 7–7.5 MW.