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Bhubaneswar: KPI Green Energy has signed a Memorandum of Understanding (MoU) with the Odisha government to set up renewable energy parks in Ganjam. The initiative aligns with Odisha’s push towards expanding its clean energy capacity.
Renewable Energy Expansion in Odisha
Under the agreement, KPI Green Energy will establish renewable energy parks to boost the state’s power generation from sustainable sources. The move is part of Odisha’s broader strategy to reduce dependence on conventional energy and meet its renewable energy targets.
Subsidiary Secures Solar Project Orders
Separately, KPI Green Energy’s subsidiary, Drops Energia Pvt Ltd, has received letters of intent for solar power projects with a cumulative capacity of 32.15 MW. These projects fall under the company’s captive power producer (CPP) segment. Companies placing the orders include Aditya Ultra Steel, Suraj Dyeing & Printing, and Balaji Polyester, among others. The projects are expected to be completed in phases by the 2025-26 financial year.
Market Activity and Shareholding Pattern
KPI Green Energy’s stock hit a 5% upper circuit on January 29, but it has declined by 46.83% over the past six months. The company’s shareholding data indicates a shift in ownership structure. As of September 2024, retail investors held a 22.58% stake, up from 20.95% in March. Meanwhile, the promoter stake fell from 53.08% to 48.77% over the same period.
The agreement with Odisha marks another step in KPI Green Energy’s expansion into the renewable sector, as states continue to invest in clean energy projects to meet growing power demands.
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