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KPI Green Energy Energises 121.8 MWp More at Bharuch Hybrid Project and 49.7 MWp at Solar Project

November 6, 2026 By Vedant Pandya 5 min read
KPI Green: rows of solar panels with wind turbines and a substation behind at sunset
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Surat-based KPI Green Energy Limited has energised a further 121.8 MWp under its 370 MW / 677 MWp hybrid power project and 49.7 MWp under its 250 MW / 350 MWp solar power project at Bharuch, Gujarat. The company disclosed the additions to the stock exchanges on 6 November 2026. Both projects are being built as independent power producer (IPP) assets under long-term power purchase agreements (PPAs) with Gujarat Urja Vikas Nigam Limited (GUVNL). The hybrid project is now about three-quarters energised.

Key Details

According to the disclosure, the cumulative position after the latest additions is:

  • Hybrid project (370 MW / 677 MWp): 510.7 MWp energised, comprising 449.2 MWp of solar and 61.5 MW of wind capacity
  • Solar project (250 MW / 350 MWp): 300.8 MWp energised out of 350 MWp
  • Location: Bharuch, Gujarat
  • Buyer: GUVNL, under long-term PPAs

The company said the progressive energisation of capacity under long-term PPAs strengthens its annuity-based, recurring revenue and improves earnings visibility. It added that it continues to expand its IPP portfolio while it scales up its engineering, procurement and construction (EPC) business. The disclosure does not state the tariffs, the date on which each block was energised, the expected completion date for the remaining capacity or whether the energised capacity has reached commercial operation.

Progress Since June

KPI Green’s investor presentation of 30 September 2026 showed 194.7 MWp of the 677 MWp hybrid project and 251.1 MWp of the 350 MWp solar project in operation at the end of June 2026. The presentation noted that a further 195 MWp of the hybrid project was energised in August 2026.

The same presentation lists a 565 MW battery energy storage system (BESS) portfolio with GUVNL across two projects. A battery energy storage purchase agreement (BESPA) has been executed for it, and financial closure is under process. Other GUVNL and Solar Energy Corporation of India (SECI) projects also appear in the company’s pipeline.

Earlier Comment

The energisation disclosure carries no management quote. Announcing the Alfanar and Netra Wind deal on 30 September 2026, Chairman and Managing Director Dr. Faruk G. Patel called it a defining moment for KPI Green. He said it would be the company’s first acquisition at that scale and its first in wind, upon completion bringing 507.9 MW of operational, SECI-contracted capacity onto its platform from day one. Of that capacity, 301.4 MW is held by Alfanar Energy and 206.5 MW by Netra Wind, commissioned in March 2021 and March 2024 respectively.

Policy Backdrop

Inaugurating the Bharat Renewable Energy Summit & Expo 2026 in New Delhi on 2 November 2026, Prime Minister Narendra Modi said India had achieved nearly 300 GW towards its target of 500 GW of non-fossil capacity by 2030. He announced a goal to add another 500 GW of new non-fossil capacity over the next 10 to 11 years.

About the Company

KPI Green Energy is part of the KP Group, which Dr. Faruk G. Patel founded in Surat in 1994. The group entered solar generation in 2008 with its first 15 MW solar park at Sudi, Gujarat. KPI Global Infrastructure moved to the BSE main board and listed on NSE in July 2021, and was renamed KPI Green Energy Limited in April 2022. The presentation says the group crossed 1 GWp of energised IPP capacity in March 2026. KPI Green raised ₹1,000 crore through a qualified institutional placement in August 2024 and ₹670 crore through a green bond in September 2025.

Under its “KP 3.0” plan, the group has set targets for FY32 of 10 GWp of owned generation, 10 GWp of third-party EPC and 10 GWh of battery energy storage manufacturing, from cell manufacturing to BESS assembly. Group company Sun Drops Energia leads the BESS assembly and cell manufacturing business.

The Company’s Recent Pipeline

  • September 2026 (1 September): received a letter of intent for a 33.6 MW wind and 33.6 MW AC / 43 MW DC solar hybrid project under a group captive arrangement.
  • September 2026 (29 September): won a turnkey EPC order of about ₹2,025 crore from NACOF Oorja Private Limited (inclusive of all taxes) for a 500 MW / 550 MWp solar project at the 5,000 MW park in Khajuwala, Bikaner, Rajasthan, due within 12 months of site handover.
  • September 2026 (30 September): signed a binding offer to buy Alfanar Energy Private Limited and Netra Wind Private Limited, which own 507.9 MW of operational SECI-contracted wind projects at Bhuj, at an enterprise value of about ₹2,410 crore.
  • November 2026 (3 November): signed a 25-year PPA with SJVN Limited for a 300 MW inter-state transmission system (ISTS) wind project at ₹3.64 per unit, with supply due within 24 months.

Outlook

The remaining 166.3 MWp of the hybrid project and 49.2 MWp of the solar project are the next items to energise at Bharuch. The company said the Alfanar and Netra Wind deal would raise its installed IPP capacity from 1.16 GW to about 1.67 GW. It said the deal positions it to cross 2 GW of installed IPP capacity by the end of the year. That acquisition is expected to close by 28 February 2027, subject to definitive documents and lender, contractual and regulatory approvals.

Official Sources

  1. KPI Green Energy Limited – Energisation of Further Capacity under 250 MW / 350 MWp Solar and 370 MW / 677 MWp Hybrid Projects (NSE, 6 November 2026): https://nsearchives.nseindia.com/corporate/KPIGLOBAL_06112026102228_11_KPI_Disclosure_IPP_Further_Energization_06112026_Signed.pdf
  2. KPI Green Energy Limited – Investor Presentation, KP 3.0 Unleashed (NSE, 30 September 2026): https://nsearchives.nseindia.com/corporate/KPIGLOBAL_30092026151825_39_KPI_Presentation_to_exchange_Signed.pdf
  3. KPI Green Energy Limited – Execution of PPA with SJVN for 300 MW Wind Project (NSE, 3 November 2026): https://nsearchives.nseindia.com/corporate/KPIGLOBAL_03112026115651_10_KPI_Green_SJVN_300MW_Wind_PPA_03112026_Signed.pdf
  4. KPI Green Energy Limited – Press Release on Binding Offer for 507.9 MW Wind Capacity (NSE, 30 September 2026): https://nsearchives.nseindia.com/corporate/KPIGLOBAL_30092026102112_8_KPI_Green_Acquire_Alfanar_Press_Release_30092026_Signed.pdf
  5. KPI Green Energy Limited – Work Order from NACOF Oorja for 500 MW / 550 MWp Solar EPC (NSE, 29 September 2026): https://nsearchives.nseindia.com/corporate/KPIGLOBAL_29092026152717_7_KPI_Green_Reg30_NACOF_500MW_Order_29092026_Signed.pdf
  6. Prime Minister’s Office – PM Inaugurates Bharat Renewable Energy Summit & Expo 2026 (2 November 2026): https://www.pmindia.gov.in/en/news_updates/pm-inaugurates-bharat-renewable-energy-summit-expo-2026/

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