KP Energy Limited has signed a 25-year Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) to develop a 100 MW grid-connected wind power project, strengthening its position as an Independent Power Producer (IPP) and expanding its cumulative IPP portfolio beyond 250 MW.
The agreement follows the Letter of Intent (LoI) issued by GUVNL on March 30, 2026, under the utility’s Wind Tender Phase X through a tariff-based competitive bidding process. The tariff and PPA terms have also received approval from the Gujarat Electricity Regulatory Commission (GERC).
Under the agreement, KP Energy will supply power from the 100 MW wind project at a fixed tariff of ₹3.435 per unit over a 25-year period. Commercial power supply is scheduled to commence on July 30, 2028, which is 24 months from the execution date of the PPA.
Faruk G. Patel, Chairman and Managing Director of KP Group, said the agreement marks a significant milestone for the company by taking its IPP portfolio beyond the 250 MW threshold. He added that the partnership reflects the confidence of India’s leading power utilities in KP Energy and reinforces the company’s commitment to supporting the country’s renewable energy transition through long-term wind power generation.
The company stated that the contract has been awarded by a domestic entity through a commercial arrangement and does not qualify as a related-party transaction. It further confirmed that neither its promoters nor promoter group have any interest in the awarding entity.
The latest PPA strengthens KP Energy’s renewable energy pipeline and supports its long-term strategy of expanding utility-scale wind power assets under the IPP business while contributing to India’s clean energy capacity addition.
