KPI Green Energy Limited signs 300 MW SJVN wind PPA at Rs 3.64/unit

KPI Green Energy Limited has executed a 25-year power purchase agreement (PPA) with SJVN Limited for a 300 MW Inter-State Transmission System-connected wind project at a fixed tariff of Rs 3.64 per unit, with power supply due within 24 months of the PPA’s effective date.

What are KPI Green Energy’s SJVN PPA terms?

KPI Green Energy has contracted 300 MW of wind capacity with SJVN at Rs 3.64 per unit for 25 years. The November 3, 2026 disclosure identifies the project as part of SJVN’s 600 MW Inter-State Transmission System, or ISTS, connected Wind Power Projects programme called WIND-3. The company said the contract was secured through a competitive bidding process.

The PPA sets a fixed tariff rather than a range or a tariff subject to periodic revision in the disclosure. KPI Green Energy reported the project size, tariff and 25-year tenure as the broad consideration of the contract, but did not disclose an aggregate contract value. It also did not provide expected annual generation, plant load factor, project cost or projected revenue.

The 300 MW contract represents one-half of the 600 MW WIND-3 programme cited in the annexure. This comparison concerns contracted capacity, not power generation or revenue, neither of which KPI Green Energy quantified in its November 3 filing. The company described the arrangement as a domestic PPA for an ISTS-connected wind project.

When must KPI Green Energy begin supplying power?

KPI Green Energy must commence power supply within 24 months from the effective date of the PPA. The filing does not disclose that effective date, so November 3, 2026, the date of the announcement, should not be treated as the start of the 24-month period without a further company disclosure.

The disclosed timetable separates project delivery from the operating contract: supply is to begin within 24 months, while the PPA tenure is 25 years. KPI Green Energy did not provide interim construction milestones, a site location, equipment suppliers, transmission arrangements or commissioning date for the 300 MW project.

The company’s annexure describes the deadline as “commencement of power supply” rather than financial closure, construction completion or commercial-operation certification. As a result, the stated 24-month requirement is the specific execution milestone available from the filing. No penalty provisions, conditions precedent or termination terms were included in the announced terms.

How does the 300 MW project fit KPI Green Energy’s capacity plan?

KPI Green Energy said the 300 MW PPA supports its KP 3.0 roadmap to build 10 gigawatts, or GW, of owned independent power producer, or IPP, capacity by FY32. Expressed in the same unit, the SJVN project is 0.30 GW, compared with the company’s stated 10 GW roadmap target.

The comparison places the newly contracted wind project alongside KPI Green Energy’s FY32 plan, but it does not show progress against that target. The November 3, 2026 filing does not state the company’s current owned IPP capacity, the proportion of the 10 GW target already commissioned, capital expenditure or a year-by-year development schedule.

Management said the fixed Rs 3.64-per-unit tariff for 25 years provides predictable and stable cash flows and strengthens the company’s utility-scale wind portfolio. That is management’s assessment of the announced contract structure. KPI Green Energy did not issue a financial forecast or quantify the cash flows expected from the 300 MW PPA.

Is KPI Green Energy’s SJVN PPA a related-party transaction?

No, KPI Green Energy stated that the 300 MW PPA with SJVN is not a related-party transaction. In its Regulation 30 annexure, the company also answered “No” when asked whether its promoters, promoter group or group companies had an interest in SJVN.

The company classified SJVN as the domestic entity awarding the contract and described the order as a PPA. The disclosure therefore distinguishes the Rs 3.64-per-unit arrangement from a related-party contract, while providing no separate payment, equity or ownership connection between KPI Green Energy’s promoter group and SJVN.

KPI Green Energy made the disclosure under Regulation 30 of the Securities and Exchange Board of India, or SEBI, Listing Obligations and Disclosure Requirements Regulations, 2015. The annexure also refers to a SEBI Master Circular dated January 30, 2026, and records the 300 MW capacity, 25-year tenure and 24-month supply-commencement requirement.

Conclusion

KPI Green Energy has set out a defined framework for a 300 MW ISTS-connected wind project: SJVN is the contracting entity, the tariff is fixed at Rs 3.64 per unit and the PPA lasts 25 years. The project equals half of the 600 MW WIND-3 programme referenced in the filing and 0.30 GW against the company’s stated 10 GW owned-IPP roadmap for FY32.

The next disclosed milestone is the start of power supply within 24 months of the PPA’s effective date. KPI Green Energy has not disclosed that effective date, a calendar commissioning date, project cost or generation estimates, so further announcements on execution and supply commencement are the matters to watch.