KPI Green Energy Ltd. has signed a power purchase agreement for a 50-megawatt solar-wind hybrid power project with Gujarat Urja Vikas Nigam Ltd.
The project comprises 50 megawatts of solar and 16.80 megawatts of wind energy, the company said in an exchange filing on Friday. The project was awarded through a competitive bidding process issued by Gujarat Urja Vikas Nigam.
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"This achievement bolsters and speeds up our efforts to reach our ambitious goal of 1000 MWp capacity by 2025," the company said in the regulatory filing.
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In May, the company's board approved a proposal to raise up to Rs 1,000 crore through the issuance of shares via qualified institutional placement.
On Friday, KPI Green Energy shares closed 0.08% lower at Rs 1,784 per share. This compares to a 0.09% decline in the NSE Nifty 50 Index.
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