In a significant prelude to the upcoming Vibrant Gujarat Global Summit, KP Group, a prominent player in the renewable energy sector, has inked two crucial Memorandum of Understandings (MoUs) with the Government of Gujarat. The investment pledges total ₹17,690 crores and are earmarked for various renewable energy initiatives, including the establishment of a green hydrogen plant.
The MoUs, signed in the presence of Chief Minister Bhupendra Patel and senior ministers on January 3, signify KP Group’s commitment to fostering green energy solutions and contribute to India’s renewable energy landscape.
Under the first MoU, KP Group plans to invest ₹16,690 crores in 2,675 MW wind, solar, and hybrid power projects across multiple locations in Gujarat. These projects are anticipated to generate over 13,000 direct and indirect employment opportunities. Additionally, KP Group signed a second MoU, allocating ₹1,000 crores for the development of the group’s inaugural green hydrogen plant, set to commence operations next year.
Dr. Faruk G Patel, Chairman and Managing Director of KP Group, expressed their privilege in signing MoUs for over 2.6 GW of solar, wind, and hybrid power projects. He emphasized the significant role these projects will play in India’s green energy future, decarbonizing the economy and reducing dependence on fossil fuel imports. Operations for these projects are slated to commence between 2024 and 2026.
As part of the agreements, KP Group’s subsidiary, KPI Green Energy, will establish a 250 MW solar park in Bharuch and a 200 MW solar park in Kutch. Additionally, substantial investments are allocated for wind and hybrid parks in various locations, contributing to the state’s economic growth and job creation.
These MoUs exemplify KP Group’s dedication to sustainable development and align with their ambitious goal of achieving 10 gigawatts by 2030. The financial strength of KPI Green Energy, highlighted by a market capitalization of ₹5,998+ crores, reinforces their commitment to these renewable energy endeavors.
The agreements underscore KP Group’s continued success in promoting sustainable energy projects and mark a renewed commitment to Gujarat’s sustainable development.
