KPI Green Energy has received a letter of intent to develop a 76.6 megawatt (MW) direct current (DC) wind and solar hybrid power project in Gujarat under a group captive arrangement. The scheme will comprise 33.6 MW of wind capacity and 33.6 MW alternating current, or 43 MW direct current, of solar capacity, yielding a combined 76.6 MW installed capacity. The hybrid configuration is intended to optimise generation profiles by combining wind and solar resources to improve supply reliability for the captive group.

The company will develop, construct and commission the project through a special purpose vehicle and stated that the work must be completed within 14 months of Stage-2 connectivity and no later than 31 December 2027. The special purpose vehicle will be responsible for delivery, grid connection and commissioning milestones while managing project execution risks. The project is planned to operate for 25 years from the commencement date of the energy supply agreement, providing renewable power to the captive group.

The letter of intent was issued by a domestic private body corporate and forms part of a group captive renewable energy partnership, according to the company. KPI Green Energy said the awarding entity has no interest in its promoter or promoter group and that the contract does not constitute a related-party transaction. Under the group captive model the off-takers will receive power dedicated for their consumption, which can help meet corporate renewable procurement goals.

The company added that the project will strengthen its presence in commercial and industrial and group captive renewable segments, enhance its wind, solar and hybrid capabilities and add to its order book. It noted that the development supports a strategy of pursuing independent power producer, group captive and engineering, procurement and construction opportunities in India. The award reinforces the company’s focus on integrated renewable solutions as demand from commercial and industrial customers increases and complements its wider growth plans in the renewables market.