KPI Green Gets 100 MW Hybrid Project From Aether Industries

KPI Green Energy Limited recently received a new order for a 100 MW hybrid captive solar power project under the captive power producer (CPP) segment from Aether Industries Limited.

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Aether Industries Limited is a chemical manufacturer in India focused on producing intermediates and chemicals involving complex and differentiated chemistry and technology core competencies. The projects are scheduled to be completed in the financial year 2024-25, in various tranches. 

KPI Green Energy's Previous Successful Bid

The Gujarat-based KPI Green Energy has earlier entered into a PPA with  GUVNL for a 50MW Solar-Wind Hybrid Power Project. The project comprised 50 MW Solar and 16.80 MW Wind projects. Surat-based KPI Green Energy (Rs2.67), Avaada Energy (Rs 2.68), Solarcraft Power India -BluPine (Rs 2.69), Hinduja Renewables and NRC Industries (Rs 2.72) have emerged winners in the 500 MW solar auction from Gujarat Urja Vikas Nigam Limited (GUVNL). The tender, released in March this year, continues the trend of state discounts attracting bids over Rs 2.50, but not by a significant margin so as to cause worries yet.  

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The results underlined the strengths of Gujarat-based KPI Green in its home state, where it has been a particularly active bidder in recent months, and outbidding larger players as it continues to build a growing portfolio of projects, both solar and Hybrid. Avaada has also been ramping up and hopes to add its highest-ever capacity this financial year.