KPI Green Energy Ltd.'s share price hit the 5% upper circuit during early trade on Thursday after the company secured a deal worth Rs 1,311.4 crore from Coal India Ltd. The stock traded at Rs 349.85.
The solar power producer signed the contract with Coal India to develop a 300 megawatt AC grid-connected ground-mounted solar photovoltaic plant with operation and maintenance services for five years at GIPCL's solar park in Khavda, Gujarat.
The project is expected to be completed by November 2025.
A day prior, KPI Green Energy said that it had signed a Memorandum of Understanding (MoU) with the Odisha government to establish renewable energy parks in Ganjam. The stock had hit the 5% upper circuit on Wednesday as well.
Earlier this month, the company said its subsidiary Sun Drops Energia Pvt. received letters of intent for the development of solar power projects with a cumulative capacity of 32.15 MW under the captive power producer (CPP) business segment.
KPI Green's operational independent power producer portfolio stood at 171 MW and cumulative order book in captive power producer segment at 1.60 GW, as per the latest company announcements.
KPI Green Energy share price has fallen 36% in the last 12 months. The total traded volume so far in the day stood at 0.1 times its 30-day average. The relative strength index was at 28.
The stock has seen wild swings in the last several days. It hit the 5% lower circuit every day between Jan. 22 and 28.
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