Renewable energy solutions provider KPI Green Energy has successfully raised Rs 3 billion (approximately $36.08 million) through a Qualified Institutions Placement (QIP). The company's board sanctioned the issuance of 2.54 million equity shares at Rs 1,183 (~$14.23) per share to qualified institutional buyers, exceeding the floor price of Rs 1,245 (~$14.97). Following the allotment, KPI Green Energy's paid-up equity share capital increased from Rs 376.52 million (~$4.53 million) to Rs 401.88 million (~$4.83 million), represented by 40.19 million equity shares. Among the noteworthy investors allocated more than 5% of the offered equity shares are funds managed by Quant Mutual Fund, JM Financial Mutual Fund, SBI General Insurance, Societe Generale, Copthall Mauritius Investment, CITI group Global Markets Mauritius, Morgan Stanley Asia (Singapore), East Bridge Capital, Bengal Finance and Investment, and Vikasa India. The company, which secured funds without specifying their use, had previously announced its intent to raise funds through QIPs on September 1, 2023. This decision followed its successful bid for 100 MW in the Gujarat Urja Vikas Nigam's auction for solar projects at Khavda Solar Park, later securing an additional 100 MW under the greenshoe option. In the second quarter of the financial year 2024, KPI Green reported a net profit of Rs 347.5 million (~$4.19 million), marking a 64% year-over-year increase from Rs 211.6 million (~$2.54 million). As of September 30, 2023, KPI Green has commissioned over 346 MW, comprising 141 MW in independent power producer projects and 205 MW in captive power projects. The company's order book for the first nine months of 2023 stood at over 541 MW, with 279 MW in Independent Power Producer projects, 77 MW in captive power producer projects, and 185 MW in hybrid projects. KPI Green aims to install 1 GW by 2025. In October 2023, KPI Green acquired a 99.9% equity stake in solar power developer KPark Sunbeat for Rs 1.26 billion (~$15.15 million), consolidating the solar projects of the KP Group into a unified entity, KPI Green Energy.