KPI Green Energy wins ₹2,025 crore solar EPC order

Work order announced via exchange filing

KPI Green Energy Ltd, a Gujarat-based renewable power generating company, said it has received a new work order valued at approximately ₹2,025 crore, inclusive of all taxes and GST. The order was awarded by NACOF Oorja Private Ltd (NOPL), described as a subsidiary of NACOF. The company disclosed the development in a stock exchange filing dated September 29. The contract is structured as a turnkey Engineering, Procurement and Construction (EPC) assignment. KPI Green Energy said the award is from a domestic entity.

Project size and location in Rajasthan

The work order is for a 500 MW (AC) / 550 MWp (DC) solar photovoltaic (PV) power project in Rajasthan. The site is in Village Dantoor, Tehsil Khajuwala, District Bikaner, Rajasthan, as per the disclosure. The project forms part of a larger 5,000 MW Solar Photovoltaic Power Park being developed by NOPL at the same location. KPI Green Energy’s filing describes the scope as turnkey, with responsibility from design through commissioning. The company has not disclosed a separate project value split across equipment and services in the filing text provided.

Scope includes modules, inverters, and evacuation systems

KPI Green Energy said it will handle the complete design, engineering, procurement, supply, installation, testing, and commissioning of the plant. The scope includes civil works, PV modules, module mounting structures, inverters, inverter transformers, and high-tension (HT) switchgear. It also includes associated electrical systems required for the project. The contract covers the 33 kV transmission line and the evacuation bay, which are key elements for connecting generation to the grid. In addition, the scope includes Supervisory Control and Data Acquisition (SCADA) and monitoring systems.

Execution timeline: 12 months from site handover

The company said the EPC works are scheduled to be completed within 12 months. This timeline is stated as 12 months from the handover of the project site up to commissioning. KPI Green Energy did not provide intermediate milestones in the text shared, such as module delivery schedules or phased commissioning plans. The timeline puts the focus on execution discipline, given the size of the order. It also indicates that revenue recognition would be linked to construction progress and commissioning, as typical for EPC contracts, though the filing does not detail accounting treatment.

How this order fits with recent Rajasthan activity

KPI Green Energy said the order follows a 500 MW / 550 MWp solar balance of system (BOS) package awarded to it by NTPC Renewable Energy Ltd at Bikaner earlier this year. In the material shared, that NTPC Renewable Energy package is referenced as being worth ₹621 crore excluding GST, and it included three years of O&M and a 10-year AMC. The new NOPL order is larger in value and is described as a turnkey EPC contract. Together, these disclosures point to continued project activity in the Bikaner region for the company.

Related-party disclosure and counterparty details

KPI Green Energy stated there is no interest of its promoter, promoter group, or group companies in NOPL. It also said the contract does not fall under related-party transactions. This disclosure is typically relevant for governance and compliance tracking, especially for large contract awards. The company’s filing describes NOPL as a subsidiary of NACOF and positions the project within NACOF’s broader solar park development.

Market reaction: stock ends lower on the day

Despite the order announcement, KPI Green Energy shares ended the session lower. The stock closed at ₹373.70 on the BSE, down by ₹17.15, or 4.81%, according to the information provided. The filing text does not link the move to any specific market driver. Broader market conditions and stock-specific positioning can influence short-term price moves even when a large order is announced, but no such explanation is included in the disclosed text.

Key facts table

Other disclosed projects mentioned alongside the update

The material shared alongside the order also references other disclosed developments linked to KPI Green Energy’s execution pipeline. These include commissioning and charging permissions on certain solar projects, and progress updates on hybrid projects. The company also referenced energisation of capacity across its IPP and EPC/CPP businesses during the June to August quarter. While these items are separate from the NOPL order, they provide context on ongoing project activity and execution footprint.

What investors will likely track next

For investors, the immediate monitorables from this disclosure are project execution timelines and milestone-based progress updates, given the 12-month completion window. Another factor is whether KPI Green Energy provides further details on procurement, mobilisation, and commissioning schedules for the Rajasthan project. The filing confirms the order value includes taxes and GST, which is relevant when comparing disclosed order values across different announcements. Any future updates on commissioning or additional packages within the broader 5,000 MW solar park could also shape how markets interpret repeatability of such large EPC wins.

Conclusion

KPI Green Energy has disclosed a ₹2,025 crore turnkey EPC work order from NACOF Oorja for a 500 MW (550 MWp) solar PV project in Bikaner, Rajasthan, with a stated 12-month execution period from site handover to commissioning. The company also disclosed that the transaction is not a related-party contract. The next formal updates are likely to come through progress disclosures or further exchange filings as execution moves from mobilisation to commissioning.