KPI Green Energy Ltd Successfully Acquires KPark

KPI Green Energy Limited has achieved a significant milestone by finalizing the acquisition of a 99.90% stake in KPark, solidifying its position as the majority stakeholder. The company has further concluded the acquisition of the remaining 0.10% stake in KPark on December 16, 2023. This strategic move has elevated KPark to the status of a wholly-owned subsidiary of KPI Green Energy Limited.

KPark Sunbeat Private Limited, incorporated on September 11, 2019, operates from its registered office at 'KP House', Opp. Ishwar Farm Junction BRTS, Near Bliss IVF Circle, Canal Road, Bhatar, Surat – 395017, Gujarat, India. Specializing in the development of solar power projects, KPark is set to establish a 70 MW solar park at Dhrangadhra, Surendranagar, Gujarat, and a 30 MW solar park at Kantvav, Surat, Gujarat. These projects collectively amount to 100 MW of solar power initiatives under the Independent Power Producer (IPP) model. Additionally, KPark owns 2,11,367 sq mtrs. of land at Surendranagar, Gujarat, for the development of solar power projects on a freehold basis.

With necessary approvals from Gujarat Energy Transmission Corporation Limited (GETCO) to evacuate power generated at the solar power plants, KPark is positioned for success. The company has already secured long-term power purchase agreements for the sale of 30MW of solar power from the Kantvav project and has received interest from potential customers for the sale of 70MW from the Dhrangadhra project. Although the commercial operation of the solar power plant is pending, KPark envisions entering into long-term power purchase agreements in due course.

The acquisition of KPark shares serves the strategic objective of consolidating solar power projects under a single entity, KPI Green Energy Limited. This consolidation aims to harness the benefits of scale, enabling dynamic resource allocation and facilitating the achievement of the ambitious target to reach a combined renewable energy capacity of 1,000 MW by 2025. The acquisition sets the stage for efficient reorganization of renewable energy businesses in the future.

The consideration for the acquisition of the 0.10% shareholding in KPark amounted to ₹12,62,054.30, with a per-share price of Rs. 1,26,205.43. This move reaffirms KPI Green Energy Limited's commitment to advancing its renewable energy portfolio and contributing to the sustainable energy landscape.

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