KPI Green Terminates 66.2 MW Hybrid Order With Sai Bandhan Infinium

KPI Green Energy has terminated a 66.2 MW hybrid power project order received from Gujarat-based Sai Bandhan Infinium, which is preparing for an initial public offering (IPO).

The order, awarded in 2024, was scrapped six months later due to changes in technical requirements, the company said in a regulatory filing.

"The project, part of the Captive Power Producer (CPP) segment, was scrapped after a review of revised technical specifications," KPI Green said. "This termination will not have any material financial impact on the company," it added. The latest news comes after Indian wind turbine manufacturer Suzlon also reported cancellation of several order due to backtracking of some its wind energy clients.

Project Background

KPI Green received the letter of award in September 2023 to develop the project under the CPP category. The project was scheduled for phased completion by July 2025. The impact of the cancellation on Sai Bandhan Infinium’s energy procurement strategy remains unclear.

The termination comes amid rapid technological shifts and tightening compliance norms in India’s renewable energy sector, which are increasingly affecting project feasibility and execution. Industry experts note that CPP project realignments are becoming more frequent as corporate power buyers adjust strategies to integrate energy storage and maintain grid stability.

KPI Green, a subsidiary of KP Group, continues to expand its portfolio of solar and hybrid energy projects across India. It has recently commissioned several CPP-based projects in Gujarat and is actively pursuing new capacity through both open-access and third-party power sales.