KPI Green Energy Limited, a leading player in India’s renewable energy sector, has officially announced the receipt of a Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for the development of a 150MW grid-connected wind power project in the state of Gujarat. The announcement was made through a formal disclosure dated July 15, 2025, to both BSE and NSE, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The LOI, bearing reference no. GUVNL/RE/Wind/1034, was issued on July 14, 2025, marking a significant milestone in KPI Green Energy's journey toward expanding its renewable energy footprint. This development comes as a direct result of the company’s successful participation in GUVNL’s competitive bidding process under the RfS No. GUVNL / 250 MW / Wind (Phase IX) issued on January 18, 2025. The reverse e-auction for this bid was conducted on April 22, 2025.

Award Through Transparent Bidding Process

GUVNL had floated the tender for the procurement of 250 MW of grid-connected wind power, which also included a greenshoe option for an additional 250 MW, making it one of the more prominent wind energy procurement drives in the region. Through this process, KPI Green Energy emerged as a successful bidder, securing a substantial 150 MW capacity allocation. The allotment underlines the company's growing competitiveness in the Indian renewable energy sector and its ability to offer cost-effective and scalable clean energy solutions.

Execution Subject to GERC Approval

The execution of the Power Purchase Agreement (PPA) will follow regulatory approval from the Gujarat Electricity Regulatory Commission (GERC), as per standard procedure. Once this approval is obtained, KPI Green Energy will move forward with the development and commissioning of the wind project in accordance with the timelines and terms defined in the bidding document.

Strategic Alignment with Long-Term Vision

In its official communication, the company highlighted that this project is aligned with its strategic roadmap toward achieving a 10 GW renewable energy capacity by 2030. The current order adds significantly to its portfolio and demonstrates KPI Green’s commitment to expanding its clean energy base in India. The company also emphasized the confidence that institutional clients and state utilities continue to place in its technical expertise and execution track record.

The receipt of the LOI not only validates KPI Green Energy’s industry position but also enhances its credibility as a partner of choice for large-scale renewable infrastructure projects. The company continues to diversify its energy mix and invest in sustainable, environmentally responsible power generation.

SEBI Disclosure Details: Annexure Highlights

As per SEBI’s Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, the company furnished key details of the awarded contract as follows:

1. Awarding Entity: Gujarat Urja Vikas Nigam Limited (GUVNL), a domestic government-owned utility company.

2. Nature of Order: The communication is a Letter of Intent (LOI).

3. Execution Timeline: As defined under the project schedule outlined in the RFS No. GUVNL / 250 MW / Wind (Phase IX), dated January 18, 2025.

4. Order Size: The total awarded capacity is 150 MW.

5. Terms and Conditions: Governed by the original Request for Selection (RfS) issued by GUVNL.

6. Related Party Disclosure: The company clarified that neither the promoter group nor any group companies have any interest in GUVNL. Additionally, the transaction does not fall under related party transactions.

Positive Signal to Stakeholders and Market

The development is expected to have a positive impact on investor sentiment, particularly due to the sizeable capacity allocation and the association with a trusted state utility. Given India’s policy thrust on renewables and the increased targets under national and state-level programs, projects like these are becoming central to energy transition goals.

KPI Green Energy’s management expressed immense pride in securing this project and reiterated its focus on delivering high-quality sustainable energy solutions. The company aims to maintain its growth momentum while contributing meaningfully to India’s broader climate and energy goals.

Industry Implications and Sectoral Trends

This award comes at a time when India’s renewable energy sector is witnessing rapid transformation. The central and state governments continue to push for aggressive capacity addition in the wind and solar segments. GUVNL’s tender initiative is part of this larger framework, inviting private sector participation to meet growing energy demands in a sustainable manner.

With increasing demand for decentralized and clean energy, companies like KPI Green that have a strong track record, execution capabilities, and financial strength are well-positioned to capitalize on upcoming opportunities. The Phase IX bidding round signals the state's continued commitment to clean energy procurement via transparent and competitive mechanisms, aligning with national goals of achieving 500 GW of non-fossil fuel capacity by 2030.

About KPI Green Energy Limited

KPI Green Energy is among the emerging leaders in India’s green energy space, with operations spanning the development, construction, and operation of renewable energy projects. The company is actively involved in solar and wind-based power generation, catering to both captive and independent power producer (IPP) segments. With a vision to reach 10 GW by 2030, KPI Green continues to expand its presence across the country through organic growth and strategic partnerships.

Conclusion

The receipt of the LOI from GUVNL for the 150 MW wind power project marks a noteworthy achievement for KPI Green Energy Limited. This development is a significant addition to its growing portfolio and further reinforces its position in the clean energy value chain. As India pushes forward with its clean energy ambitions, KPI Green’s latest win reflects the company’s strategic alignment with national goals, execution capability, and stakeholder trust.

The project, once executed post-GERC approval, will not only generate sustainable energy but also contribute to employment, local development, and environmental sustainability in Gujarat.

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