Surat‑based KPI Green Energy Ltd. has secured a contract to deliver a 100 MW solar power project in Gujarat for a private client, according to regulatory filings. Under this EPC (engineering, procurement, construction) agreement, KPI Green will take on the entire project lifecycle—from module mounting systems and balance-of-plant materials to civil, structural, electrical, instrumentation works—alongside full operations and maintenance services. The company’s shares experienced a modest uptick in the market following the announcement . Although financial terms remain undisclosed, the project strengthens KPI Green’s positioning in Gujarat’s competitive solar space.
Expanding Footprint: Recent EPC and Module Contracts
This latest order builds on KPI Green’s already strong pipeline. Its subsidiary, Sun Drops Energia, clinched a repeat 100 MW solar project for Avichal Power in Gujarat—adding to the firm’s growing EPC track record. Earlier this year, Sun Drops also secured a ~37 MW captive solar project under Gujarat’s green energy policy, slated for completion in FY 2025–26. Additionally, KPI Green supplied advanced solar modules to major players like Emmvee, demonstrating its capability across EPC and component supply chains.
Major Public-Sector Tenders: Scaling with Large Auctions
KPI Green Energy has successfully participated in several large-scale tenders. In December 2024, it emerged victorious in Coal India Ltd’s auction for a 300 MW grid-connected solar project located at Kutch’s Khavda Solar Park, valued at ₹1,311 crore. Prior to that, in July 2024, the company won Letters of Intent totaling 917 MW DC across solar and hybrid projects under Gujarat Urja Vikas Nigam Ltd (GUVNL) auctions, including 250 MW solar and 370 MW wind-solar hybrid projects. Furthermore, KPI Green secured 200 MW in a GUVNL Khavda Phase II tender in August 2023, combining base and greenshoe capacity, further cementing its reputation as a dependable bidder.
As of mid‑2025, KPI Green’s captive and EPC order book stands at approximately 1.76 GW, with an additional 1.5 GW pipeline in the Independent Power Producer (IPP) segment. The company’s revenues and profits have been on an upward trajectory—Q2 FY 2025 saw revenues surge 67% year-over-year to ₹361 crore, supporting strong profitability . In Q4 FY 2025, it further reported a net profit of ₹99 crore and nearly doubled revenues to ₹569 crore, highlighting robust growth. KPI Green aims to replicate its 60–70% annual growth trajectory in the medium term.
Gujarat Focus and Technology Integration
Gujarat remains central to KPI Green’s strategy, aligning with state goals that target 40 GW of solar capacity and over 19 GW of renewables throughput. The company is leveraging this supportive ecosystem to deliver both large utility-scale and captive projects across the state. Its dual strategy—combining turnkey EPC delivery with module supply partnerships (e.g., with Emmvee)—positions KPI Green as a versatile player in India’s solar value chain.
