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KPI Green Shares

28 Jun 2024

Soar as Company Secures Credit Facility for Major Solar Project in Gujarat

June 28, 2024: KPI Green Energy Ltd's stock surged by 2.90%, reaching Rs 1770, after the company announced receiving a substantial credit facility for a significant solar project in Khavda, Gujarat. The stock opened higher at Rs 1754, compared to the previous close of Rs 1718.70 on the BSE.


Major Financial Boost

The company has been granted a credit facility of Rs 686 crore to develop a 200 MWAC (240 MWDC) solar photovoltaic power project. This financial support is crucial for the project, which is part of KPI Green Energy’s ambitious plan to enhance its renewable energy portfolio and achieve a capacity of 1000 MWp by 2025.


Market Performance

KPI Green Energy shares have demonstrated remarkable growth, with an 86% gain in 2024 and a 224% rise over the past year. Over the last two years, the stock has soared by an impressive 697%. On June 28, a total of 10.27 lakh shares changed hands, amounting to a turnover of Rs 18.07 crore on the BSE, bringing the company's market cap to Rs 10,652 crore.

The stock reached an all-time high of Rs 2109.25 on April 25, 2024, and a 52-week low of Rs 496.62 on August 2, 2023. Currently, the relative strength index (RSI) of KPI Green Energy is 40.6, indicating that the stock is neither overbought nor oversold. It is trading below its 10-day, 20-day, 30-day, and 50-day moving averages but remains above its 100-day, 150-day, and 200-day moving averages.


Strategic Development

KPI Green Energy stated, "This project will significantly enhance our renewable energy portfolio, supporting our dedication to providing the nation with environmentally friendly and sustainable energy. It will reinforce and expedite our efforts to reach our ambitious goal of 1000 MWp capacity by 2025."

The company had previously raised Rs 300 crore through a Qualified Institutional Placement (QIP), with Rs 225 crore allocated to partially fund the Khavda project. This new financial backing will ensure the project's timely completion.


About KPI Green Energy

KPI Green Energy is a leading solar power generation company, operating both as an Independent Power Producer (IPP) under the brand name 'Solarism' and as a service provider to Captive Power Producer (CPP) customers. The company's focus on expanding its renewable energy capacity aligns with global trends towards sustainable energy solutions.


Conclusion

KPI Green Energy’s recent financial milestone and stock performance highlight the company’s strategic advancements in the renewable energy sector. With robust financial backing and a clear vision for expansion, KPI Green Energy is set to play a pivotal role in India’s transition to sustainable energy solutions.

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