KPI Global Signs PPA with Songwon Specialty Chemicals for 1 MW of Solar Power
The Gujarat-based power producer will provide power to Songwon for 15 years
KPI Global Infrastructure Limited announced that it had signed a power purchase agreement (PPA) with Songwon Specialty Chemicals India Private Limited for the sale of 1 MW of solar power for 15 years.
KPI Global, a subsidiary of the KP Group, announced through a written disclosure under regulation 30 of the Securities Exchange Board of India’s listing obligations and disclosure regulations, 2015, addressed to the Bombay Stock Exchange (BSE).
Gujarat-based KPI Global was incorporated in 2008, is a solar developer, independent power producer (IPP), and captive power producer with over 15 MW of solar projects commissioned in India.
Songwon Specialty Chemicals India Private Limited is a subsidiary of the Songwon Industrial Group, industrial supplier of chemical products for several sectors and industries, including the packaging, automotive, building & construction, agriculture, textiles and fibers, wire and cable, coatings, adhesives, durable & consumer goods, lubricants, and electric and electronic industries.
Recently, Mercom reported that KPI Global Infrastructure Limited announced that it had added 7.5 MW to its existing solar power project located in Amod taluka of Gujarat’s Bharuch district. As per a filing on the Bombay Stock Exchange, the additional capacity was commissioned on November 4, 2019, for the company’s industrial customers UPL Limited, Vapi and Colourtex Industries. The companies have signed power purchase agreements for which the KPI Global has received the commissioning certificate from Gujarat Energy Development Agency (GEDA). This group captive project has been set up under the open access regulations of Gujarat.
Previously, in a filing to Indian stock exchanges, the company had announced the acquisition of KPIG Energia Private Limited, a newly-formed special purpose vehicle registered on May 21, 2019. The main object behind the acquisition of the SPV is for the execution of solar power projects. The acquisition has been executed at the face value of its shares valued at ₹10 (~0.14). The total cost of acquisition of the SPV is ₹0.1 million (~$1,443) divided into 10,000 equity shares.
Nithin Thomas is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor’s Degree in Commerce from Loyola College, Chennai. More articles from Nithin.