KPI Global Expands its Solar Power Project in Gujarat by 7.5 MW
The company has also received the registration certificate for setting up of 20 MW additional capacity at the same site
KPI Global Infrastructure Limited has announced that it has 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.
According to the BSE filing documents, the company has successfully commissioned the full capacity of 25 MW under the second phase of its solar projects. KPI Global has received financial assistance from Power Finance Corporation Limited for these projects.
With this addition, KPI’s total cumulative solar capacity under the independent power producer category has gone up to 40.75 MW.
The company has also received a registration certificate from GEDA for setting up of solar ground-mounted project under Gujarat Solar Power Policy, 2015 for an additional capacity of 20 MW which takes the total capacity up to 60 MW (existing 40 MW and new 20 MW) at its project site at Amod taluka in Bharuch district of Gujarat.
Earlier this year, KPI Global announced the acquisition of KPIG Energia Private Limited, a newly-formed special purpose vehicle (SPV) registered in May 2019. The acquisition has been executed at the face value of its shares valued at ₹10 (~0.14). The total cost of acquiring the SPV was ₹0.1 million (~$1,443) divided into 10,000 equity shares.
Previously, Mercom had reported that the government of Gujarat approved a policy that aims to develop the state’s small-scale distributed solar photovoltaic sector. The policy would be in force for five years, and the projects installed and commissioned within the operative period of policy will be eligible for benefits under this policy for the entire 25-year term of their power purchase agreement.