The shares of the solar power generation company gained up to 3 percent after the company received a sanction letter for credit facilities for Solar Photovoltaic Power Project worth Rs 686 crore.
KPI Green Energy Ltd has a market capitalization of Rs 10,524.74 crore, the shares were trading at Rs 1,747.75 per share, increasing drastically by 1.58 percent as compared to the previous closing price of Rs 1,718.70 apiece.
Description of Events:-
The shares of the company have seen positive movement after KPI Green Energy Ltd received a final sanction letter for credit facilities amounting to Rs 686 crore for the development of a 200 MWac (240MWdc) Solar Photovoltaic Power Project in Khavda, Kutch District.
Matter Explanation:-
Further, KPI Green Energy had previously secured Rs. 300 crores through a Qualified Institutional Placement (QIP), of which Rs. 225 crores were utilized to partially fund the project. This financial help will be critical to the project’s development and completion within the timeframe specified.
Moreover, this project will greatly increase KPI’s renewable energy portfolio, providing the nation with ecologically beneficial and sustainable energy. It will strengthen and accelerate company efforts to meet our ambitious objective of 1000 MWp capacity by 2025.
Financial Status:-
Looking forward to the company financial condition, revenue increased by 59 percent from Rs 182 crore in Q4FY23 to Rs 289 crore in Q4FY24, and during the same period, net profit magnified 34 percent from Rs 32 crore to Rs 43 crore.
Order Book & Future outlook:-
As of June 2024, KPI Green Energy has an impressive order book of 1.23 GW, together with the the existing site, KPI Green has secured a cumulative capacity of 1.68 GW which includes the cumulative hybrid capacity of 334 MW.
KPI Green Energy plans to boost its renewable capacity from 346+ MW to 1000 MW by 2025, focusing on solar, wind, and hybrid projects, enhancing energy reliability and creating new revenue streams.
The company aims to acquire land near efficient power infrastructure and invest in advanced technologies, ensuring timely project execution, increased efficiency, and profitability, supported by strategic fundraising efforts.
Company snapshot:-
KPI Green Energy Limited provides solar power to a variety of industry sectors. Solarism develops, builds, owns, runs, and maintains solar power plants as an Independent Power Producer (IPP) and Captive Power Producer (CPP).
Written by:- Abhishek Singh
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