KPI Green Energy on Wednesday, September 4, said it has received approvals from the Chief Electrical Inspector (CEIG) for 16 MW of solar power projects under its CPP business.

The solar projects were executed for KPI Green Energy’s clients and were developed through its wholly owned subsidiaries — KPIG Energia Private Ltd and Sun Drops Energia Private Ltd, the compay said in a stock exchange filing.

The approval has been granted in the clients’ names, paving the way for the formal commissioning of these solar power plants, it added.

This regulatory approval is a crucial step in the operationalisation of the projects, ensuring compliance with safety standards and regulatory requirements set by the Chief Electrical Inspector.

KPI Green Energy Ltd opened trade lower at ₹868 apiece on the BSE, down by 2.4% from the previous close of ₹889.35. However, the stock showed strong momentum in the early market hours and gained over a per cent in intraday to hit a high of ₹898.25 per share.

On Tuesday, September 3, KPI Green Energy announced that its subsidiary secured solar power projects with a cumulative capacity of 7 MW under the captive power producer (CPP) segment.

The company’s arm Sun Drops Energia Private Ltd, received Letters of Intent (LoIs) for solar power projects from domestic entities Wolkem India Ltd and Mahadev Texo Fab.

KPI Green Energy reported a substantial increase in net profit for the quarter ending 30 June 2024, with profits doubling to ₹66.11 crore, driven by higher income. This reflects a 99% rise compared to the net profit of ₹33.26 crore recorded in the same quarter of the previous year.

The company’s revenue also saw significant growth in the June quarter of FY25, climbing to ₹349.85 crore from ₹190.56 crore in the corresponding quarter last year, representing an 83.6% year-on-year increase.

Shares of KPI Green Energy were trading 0.52% at ₹894 on the BSE around 9.46 AM.

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