KPI Global Infrastructure Limited (KPIGIL), the leading solar energy company from Gujarat, has bagged a 12.50 MW solar power project under the Captive Power Project (CPP) category from Anupam Rasayan India Limited, Surat.
KPIGIL, a part of the Surat-based KP Group, disclosed in a regulatory filing with the BSE that it has received the Letter of Intent for the 12.50 MW project. The company has already begun work on the INR 43 Cr project at Ochhan village in Gujarat's Bharuch district, where it has a large solar power park.
Commenting on the development, KPIGIL CMD Faruk Patel said, "The 12.50 MW solar power project order from Anupam Rasayan is a feather in our cap, and validates the faith of clients in our execution capabilities and expertise. We look forward to executing the project well before the stipulated time."
"Solar power costs have fallen sharply in the last few years. Solar power projects for captive use, in particular, can help in significantly reducing the power costs for industries. Moreover, industries can also claim 40 per cent depreciation benefits for income tax purposes," Mr. KP said, elaborating on the advantages of investing in solar power projects.
Anupam Rasayan, which came out with its initial public offering in March, is investing INR 43 Cr in the 12.50 MW solar power project in a conscious move towards cutting dependence on non-renewable energy sources, rationalising power costs, and reducing its carbon footprint. The investment is expected to help the company save around Rs.10 Cr per annum by way of lower power costs for the next 25 years.
It is notable that the BSE-listed KPIGIL has already operationalised close to 100 MW solar power capacity in Sudi, Tanchha, Bhimpura, and Ranada villages of Bharuch so far. The company has set a target of 1,000 MW solar power capacities by 2025 and has also finalized the roadmap.
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( With inputs from ANI )
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