Gujarat based KP Energy Ltd., (scrip code 539686) has shared with the stock exchange that it will add over 1231 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 6000MW 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!”
“Whatever we will achieve, will turn out to be a miniature and small when compared with final goal! “
Speaking on the topic, Mr. Ashish A Mithani, CEO & Co-Promoter said, “The changes in a regulatory framework is a windfall for our Company. We are at an enviable sweet spot and the future looks very exciting. With multifold growth expected year over year, we would like to assure all our stakeholders that KP Energy will work tirelessly to achieve maximum growth through high service quality and cost control.”
The entire Wind Power sector had a turbulent 2017-18 as a whole lot of tectonic changes occurring due to power tariff, PPAs, restrictive clauses in Wind Power Policy announced last year, etc. resulted in subdued performances of all players.
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