Gujarat based KP Energy Ltd has shared with the stock exchange that it will add over 1,231 MW within next two years to the existing 205.8 MW. The rapid ramping up of capacity comes soon after a slew of measures, impacting the regulatory framework, announced by the government in its bid to meet the target of 60 GW of wind energy by 2022.
The government has recently switched over to Auction Driven Tariff Regime from erstwhile regulator decided Feed-in Tariffs. To achieve its target of producing 60GW of wind energy by 2022, it has initiated separate bids under Central Transmission Utility (CTU) network. It has also waived off ISTS (Inter State Transmission System) charges which will help to set up projects in any windy state and sale of power to any far-off state within country without paying any transmission costs.
The industry has also been given a major boost through the 6,000MW auction by Solar Energy Corporation of India (SECI) which has brought in all non-windy states on the bee line to purchase power at a very economical rate from SECI. It has also drawn interest of large corporate houses, foreign banks, utilities, institutions, FIIs and corporate bodies to invest in the sector leading to benefits on long term, less risk propositions.
The company’s stock is set to migrate to the main boards of stock exchanges for trading. KP Energy Ltd would add 631.50 MW in 2018-19 and another 630 MW in 2019-20 in its five locations at Gujarat
Farukbhai Patel, MD & Co-Promoter, stated in Annual Report of 2015-16 “Remembering Mirza Galib’s words on this grandeur occasion of presenting annual report of KP Energy in public forum, I want to openly admit that our dreams, our ambitions and our targets are so high that whatever efforts and hard-work we put in will be less!”