KPI Green Energy Limited has informed the Exchange regarding 'Execution of Battery Energy Storage Purchase Agreement for Development of 445 MW / 890 MWh IPP Standalone BESS Projects with GUVNL'.
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KPI Green Energy's subsidiary Sun Drops Energia Limited has signed a Battery Energy Storage Purchase Agreement (BESPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) to develop standalone battery energy storage projects of 445 MW / 890 MWh capacity across multiple locations in Gujarat. This follows the Letter of Intent received on January 3, 2026, and converts the LOI into a firm, executable contract. The project is part of GUVNL's Phase-VII competitive bidding process and is supported by Viability Gap Funding (VGF) through the Power System Development Fund (PSDF). This marks the group's entry into its first utility-scale IPP battery energy storage system project, expanding beyond its existing renewable energy portfolio. The long-term nature of the agreement with a state-owned utility provides revenue visibility.
Positive for shareholders — the contract formalizes a large-scale energy storage order and moves the company into a new high-growth segment, strengthening its long-term revenue pipeline. May boost investor sentiment around the stock given the scale and government-backed nature of the project.