KPI Green Energy bags ₹2,025 crore solar EPC order for 500 MW project in Rajasthan

Gujarat-based renewable power generating company KPI Green Energy Ltd on Tuesday (September 29) said it has received a work order worth approximately ₹2,025 crore, including taxes and GST, from NACOF Oorja Private Ltd (NOPL) for the turnkey Engineering, Procurement and Construction (EPC) of a 500 MW / 550 MWp solar photovoltaic (PV) power project in Rajasthan.

The project is part of a 5,000 MW Solar Photovoltaic Power Park being developed by NOPL, a subsidiary of NACOF, at Village Dantoor, Tehsil Khajuwala, District Bikaner, Rajasthan.

"...we wish to inform you that KPI Green Energy Limited (“the Company”) has received a Work Order from NACOF Oorja Private Limited (“NOPL”), a subsidiary of NACOF, for the turnkey Engineering, Procurement and Construction (EPC) of a 500 MW / 550 MWp solar photovoltaic power project. The order is valued at approximately ₹2,025 crore (inclusive of all taxes)," according to a stock exchange filing.

ALSO READ | KPI Green Energy Q4 Results: Stock jumps up to 11% after 49% profit growth, margin expansion

Under the work order, KPI Green Energy will undertake the complete design, engineering, procurement, supply, installation, testing and commissioning of the plant. The scope includes civil works, PV modules, module mounting structures, inverters, inverter transformers, high-tension (HT) switchgear and associated electrical systems.

The contract also covers the 33 kV transmission line and evacuation bay, along with Supervisory Control and Data Acquisition (SCADA) and monitoring systems. The EPC works are scheduled to be completed within 12 months from the handover of the project site, up to commissioning.

The company said the order follows the 500 MW / 550 MWp solar balance of system (BOS) package awarded to it by NTPC Renewable Energy Ltd at Bikaner earlier this year. It said the latest order adds to its EPC order book and provides revenue visibility over the coming year.

ALSO READ | KPI Green Energy gets inter-state trading licence, eyes pan-India power market expansion

According to the filing, the order has been awarded by a domestic entity and is a turnkey EPC contract. The aggregate project size is 500 MW / 550 MWp (AC), with consideration of approximately ₹2,025 crore, inclusive of all taxes and GST.

KPI Green Energy said there is no interest of its promoter, promoter group or group companies in NOPL, and the contract does not fall under related-party transactions.

Shares of KPI Green Energy Ltd ended at ₹373.70, down by ₹17.15, or 4.81%, on the BSE.

ALSO READ | KPI Green bags orders for 300 MW Khavda Hybrid Renewable Project from Adani Group