Mumbai: KP Group has signed a Memorandum of Understanding (MoU) with the Government of Gujarat to develop renewable energy projects worth about ₹4,000 crore in the State. The agreement was signed at Marwadi University in Rajkot during the Vibrant Gujarat Regional Conference, reports The Hindu businessline.
According to the MoU, the company plans to set up renewable energy projects with a combined capacity of around 855 MW at various locations in Gujarat, including Devbhumi Dwarka and Kutch. The projects will include solar power plants as well as wind-solar hybrid projects connected to the interstate transmission system.
The proposed projects include a 200 MW solar power project under the DREBP scheme and captive user category, a 405 MW solar power project, a 100 MW wind-solar hybrid project, and another 150 MW wind-solar hybrid project, both connected to the interstate grid.
The investment is expected to create employment opportunities for more than 4,000 people. The projects will be implemented in phases, subject to the company receiving all required approvals and clearances from the concerned authorities.
As part of the agreement, the Gujarat government will support KP Group in obtaining the necessary permissions, registrations and approvals from state departments in line with existing rules and regulations.
KP Group was founded in 1994 by Dr Faruk G. Patel and operates in the renewable energy, infrastructure and innovation sectors. Over the past three decades, the group has developed projects in wind energy, solar power, hybrid systems, battery energy storage and green hydrogen.
On the stock market, shares of KP Energy Ltd were trading at ₹319.25, up ₹1.25 or 0.39 per cent, while shares of KPI Green Energy Ltd were trading at ₹450, up ₹8.55 or 1.94 per cent on the National Stock Exchange at 1.05 pm on Monday.
