KPI Green Energy Limited announced that the company has emerged as the successful winner in the Gujarat Urja Vikas Nigam Limited (GUVNL) tender for development of Wind-Solar Hybrid Power Project. The Company had participated in the competitive bidding process under the "Procurement of power through competitive bidding process vide RFS No. GUVNL /500 MW /Hybrid RE (Phase I)" issued by GUVNL on November 1, 2023, followed by a reverse E-Auction held on January 22, 2024.

This tender was for the development of 500 MW Hybrid Renewable Power Projects with a Greenshoe Option of additional capacity up to 500 MW. It has received the Letter of Intent with reference no. GUVNL/GM(RE)/Hybrid/368 dated March 14, 2024, awarding the company the 50MW (comprising of 16.80 MW Wind and 50MW Solar) Wind-Solar Hybrid Power Project.

The Power Purchase Agreement (PPA) with GUVNL shall be executed after obtaining the approval of the Gujarat Electricity Regulatory Commission (GERC).