KPI Green Energy Secures Rs 489 Crore Floating Solar Project from GSECL

KPI Green Energy shares surged 2.55% to Rs 434.20 after the company announced that it has secured a work order worth Rs 489.17 crore from Gujarat State Electricity Corporation Ltd. (GSECL) for a floating solar photovoltaic (FSPV) project in Gujarat.

The project, awarded on a full turnkey basis, will cover design, engineering, procurement, construction, and installation of the floating solar system. The scope also includes grid-connection infrastructure, comprising a 33 kV underground transmission line to the pooling station and 33/220 kV bays at the Kadana substation.

With an aggregate capacity of 142 MW (DC) / 110 MW (AC), the project is scheduled for completion within 18 months and includes a comprehensive 10-year operation and maintenance (O&M) contract. KPI Green Energy confirmed that neither its promoters nor promoter group have any interest in the awarding authority, and the transaction does not qualify as a related-party transaction.

KPI Green Energy develops, builds, owns, operates, and maintains solar and hybrid power plants as an Independent Power Producer (IPP) and provides services to Captive Power Producers (CPP) under its brand name ‘Solarism.’

The company recently reported a 56% increase in consolidated net profit to Rs 109.11 crore on a 76.4% jump in revenue from operations to Rs 634.30 crore in Q2 FY26 compared to Q2 FY25, reflecting strong growth in its renewable energy portfolio.