KPI Green Energy Shares Surge After Landmark Deal With Botswana Government — Details Inside
This marks KP Group's entry into Botswana, where the renewable energy company will develop renewable power generation projects while setting up energy storage systems.
Shares of KPI Green Energy are buzzing on Thursday's trade after the company announced a memorandum of understanding (MoU) with government of Botswana for large-scale renewable energy and power infrastructure development.
The stock is currently trading at Rs 430, which accounts for gains of 3.3% compared to Wednesday's closing price of Rs 416.9. Over a year-to-date period, the stock has fallen just over 21%.
The rally comes against the backdrop of the deal with the Botswana government, with the company ready to invest up to Rs 36,000 crore, KP Group confirmed in an exchange filing.
This marks KP Group's entry into Botswana, where the renewable energy company will develop renewable power generation projects while setting up energy storage systems.
KP Group will also build and upgrade power transmission infrastructure in the country, with focus on planning, execution, and long-term operations.
Overall, KP Group plans to add around 5 gigawatt of renewable energy capacity in Botswana, which includes high-voltage transmission lines and cross-border connectivity.
KP Group's entry into Botswana serves as a massive strategic shift for the company, as expands their footprint in the international market while aligning with KP Group's focus on utility-scale renewable projects.
“This MoU reflects a shared vision between KP Group and the Government of Botswana to accelerate the energy transition through scalable and sustainable renewable solutions," said Faruk G Patel, Founder Promoter of KP Group.
For Botswana, the MoU with KP Group serves the country's interest as well, as the deal will Botswana’s goal to become a net-zero country by 2030.
Reacting to the development, Botswana's energy minister Bogolo Joy Kenewendo alluded to the same.
"Through this partnership with KP Group, Botswana seeks to accelerate clean energy deployment, strengthen regional power connectivity, and deliver long-term economic and environmental benefits," he said.
