KPI Green Energy

What KPI Green Energy does

KPI Green Energy Limited, incorporated in 2008 in Gujarat, India, is the renewable energy vertical of KP Group and a publicly listed company on NSE/BSE (ticker: KPIGREEN). The company develops, owns and operates solar, wind, hybrid and Battery Energy Storage System (BESS) assets under the 'Solarism' brand, with three operating pillars: Independent Power Producer (IPP) sales to industrial and utility off-takers under 25-year Power Purchase Agreements; Captive Power Producer (CPP) projects that allow industrial customers to generate their own renewable power below DISCOM tariffs; and EPC / Balance-of-System services for developers including Adani Green Energy, NTPC and SJVN, bundled with multi-year O&M and AMC contracts.

The technology stack centres on in-house proprietary systems — a centralized Network Operation Center providing real-time monitoring, diagnostics and control across the portfolio, and KPI Green OMS, a waterless robotic solar panel cleaning robot built by a 30+ specialist R&D subsidiary that addresses dust-driven energy loss without water or manual labour. Supporting infrastructure includes 66 KV and 11 KV transmission lines evacuating power to GETCO substations across 58+ sites in Bharuch district, and intra-state (GERC Category A) plus inter-state (CERC Category IV) power trading licences for electricity commerce across India.

The business model is hybrid, with revenue split between long-tenor subscription-style PPA cash flows (IPP/CPP), one-time EPC project billings (e.g., ₹621 crore NTPC 500 MW block, ₹696.50 crore SJVN 200 MW, ₹450+ crore Solex module order), industrial plot sale with 25-year lease-back, and emerging BESS revenues. Pricing is quote-based and project-specific rather than published. Customers include state utilities (GUVNL, NTPC, SJVN), renewable developers (Adani Green, Ayana Renewable), central PSUs (Coal India), and large industrial CPP buyers (Zydus, Tata Motors, L&T, GHCL, Polycab, Alembic). Capital is sourced from project finance (SBI ₹3,200 crore, Canara Bank ₹979 crore, NaBFID ₹272 crore), green bonds (India's first externally credit-enhanced ₹670 crore green bond via GuarantCo), and equity warrants to promoter-group entity Quyosh Energia (₹474.73 crore). FY26 consolidated revenue was ₹2,742 crore (up 56% YoY) with PAT of ₹509 crore (up 57% YoY), total portfolio of 6.26 GW, and a stated 10+ GW by 2030 target.

Name

KPI Green Energy

Legal name

KPI Green Energy Limited

Website

https://kpigreenenergy.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

251–500 employees

Short description

KPI Green Energy is a Gujarat-based publicly listed renewable energy IPP and EPC company developing, owning and operating solar, wind, hybrid and BESS projects under long-term PPAs with state utilities, central PSUs and industrial customers in India.

Ownership category

akta.pro rank

Product category

Renewable Energy Generation

NAICS

Solar Electric Power Generation (221114), Wind Electric Power Generation (221115), Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911)

akta.pro primary industry

Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)

akta.pro secondary industries

Electrical Balance-of-Plant EPC (MV Collection, Cabling, Earthing, Lighting) (EUAEADAB), Commercial Structuring & Offtake (PPAs, CfDs, Corporate PPAs, Merchant Strategy) (EUAMAAAE), Project Finance & Capital Structuring (Debt/Tax Equity/Project Bonds) (EUAMAAAD), Commissioning, Testing & Energization Services (Pre-Commissioning, Grid Code Compliance) (EUAMAFAK)

Keywords

• Solar power generation
• Renewable energy solutions
• Wind power projects
• Battery energy storage
• EPC services

Headquarters

HQ city

Bharuch

HQ country

India

HQ region

Asia

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Captive Power Producer (CPP): Renewable plants helping companies save on electricity expenses with lower cost per unit than DISCOM; operating hybrid power projects (wind+solar) for CPP customers under hybrid power policy.
2. Independent Power Producer (IPP): Revenue generated by supplying power from owned solar power plants to reputed business houses through Power Purchase Agreements (PPAs); hybrid renewable energy projects added to company's own power generating asset portfolio.
3. EPC Services (Balance of System): Engineering, procurement, and construction services for renewable energy assets including complete BoS package execution with 3 years O&M and 10-year AMC for projects like 500 MW NTPC solar project.
4. Industrial Plot Sale: Land parcels sold to third parties for 25-year lease to develop solar power plants.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

KPI Green Energy develops, owns, and operates renewable power plants under the 'Solarism' brand, delivering solar, wind, and hybrid power through three core business lines: Independent Power Producer (IPP) projects selling power to commercial/industrial buyers under long-term PPAs; Captive Power Producer (CPP) solutions enabling industrial customers to generate their own renewable power at lower cost than DISCOM tariffs; and EPC services executing Balance of System packages for other renewable energy developers. The company also monetizes land through Industrial Plot Sale and supports grid stability with Battery Energy Storage Systems (BESS).

Product overview

KPI Green Energy Limited operates as a Gujarat-based renewable power generating company incorporated in 2008, organized as a renewable vertical of KP Group. Its product portfolio is structured around four core offerings: (1) Independent Power Producer (IPP) — the company's flagship 'Solarism' brand of grid-connected solar and hybrid power plants sold to business houses under long-term PPAs; (2) Captive Power Producer (CPP) — on-site renewable power solutions for industrial customers to reduce electricity costs below DISCOM rates; (3) Industrial Plot Sale — land parcels sold with 25-year lease-back for third-party solar development; and (4) Battery Energy Storage Systems (BESS) — standalone and hybrid storage solutions for grid stability and peak management. Supporting these core verticals are three add-on modules: the Network Operation Center (NOC) providing centralized real-time monitoring of all assets; KPI Green OMS offering proprietary waterless robotic panel cleaning to prevent energy loss from dust; and Power Trading services leveraging the company's intra-state (GERC Category A) and inter-state (CERC Category IV) trading licences for pan-India electricity commerce. The company also operates a wholly-owned subsidiary, KPCG One (incorporated June 2026), focused on broader energy value chain expansion including generation, storage, transmission, and distribution. Projects span solar, wind, hybrid, and floating solar configurations, with operations concentrated in Gujarat and expansion into Rajasthan and other states.

Differentiator

Problem solved

Functional benefit

Brands

• Solarism: The brand under which KPI Green Energy develops, owns, and operates grid-connected solar power projects for IPP and CPP customers.
• KP Group

Products and services

• Captive Power Producer (CPP) Captive renewable power plants that enable industrial and commercial customers to generate their own solar/wind/hybrid power, reducing electricity costs below DISCOM tariffs; projects operate under India's hybrid power policy with wind+solar configurations for CPP customers.
• Independent Power Producer (IPP) Grid-connected solar and hybrid power projects developed, owned, and operated under the 'Solarism' brand, generating revenue by supplying power to business houses and state utilities through long-term Power Purchase Agreements (PPAs); plants located at 58+ sites with established 66 KV and 11 KV transmission infrastructure to GETCO substations.
• Industrial Plot Sale Sale of land parcels to third parties for large-scale solar power project development, with land taken back on 25-year lease arrangements to develop solar power plants, monetizing land assets while retaining long-term operational control.
• Battery Energy Storage Systems (BESS) Standalone and hybrid battery energy storage solutions (e.g., 120 MW/240 MWh configurations and larger) providing grid stability, peak demand management, and energy storage infrastructure to state utilities and grid operators.
• EPC Services (Engineering, Procurement, Construction) Engineering, procurement, and construction services for renewable energy developers covering complete Balance of System (BoS) package execution including electrical, civil, and allied works, plus 3-year O&M and 10-year AMC for utility-scale solar, hybrid, and wind power projects.
• Power Trading Intra-state (Category A GERC licence) and inter-state (Category IV CERC licence) electricity trading services enabling pan-India power trading, access to power exchanges, green energy block offerings, and improved price discovery across multiple states.
• KPI Green OMS (Waterless Robotic Solar Panel Cleaning) In-house developed waterless robotic solar panel cleaning system engineered to maintain consistent solar panel performance without water or manual labour, addressing energy loss from dust accumulation; commercialized through wholly-owned subsidiary KPI Green OMS Private Limited.

Quantifiable outcome

• FY26 revenue of ₹2,742 crore, up 56% YoY; PAT ₹509 crore, up 57% YoY
• +4 more outcomes

Named customers12 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Eight partnerships are on record, tiered core, major and minor.

• Gujarat Urja Vikas Nigam Limited (GUVNL)coreStrategic or Co-development Partner · 27 May 2026GUVNL is a key partner for KPI Green Energy's IPP and BESS projects. KPI secured a 120 MW/240 MWh BESS deal and multiple solar/hybrid projects with long-term PPAs, with the group's cumulative BESS portfolio reaching 565 MW/1,130 MWh. Projects include 250 MW AC GUVNL solar IPP project and Phase-VIII BESS tender under VGF scheme.
• Sun Drops Energia LimitedcoreOthers · 19 May 2026Wholly owned subsidiary of KPI Green Energy executing the 120 MW/240 MWh BESS project for GUVNL. Incorporated along with other WOS KPCG One for broader energy value chain expansion including generation, storage, transmission, distribution, and supply of electricity.
• NTPC Renewable Energy LimitedcoreStrategic or Co-development Partner · 8 May 2026500 MW solar PV project contract in Bikaner, Rajasthan worth ₹621 crore (₹367 crore for 300 MW block, ₹254 crore for 200 MW block). First major entry into Rajasthan including BoS package execution with 3 years O&M and 10-year AMC.
• Adani Green Energy (and Adani Green Energy Six)coreStrategic or Co-development Partner · 10 February 2026KPI Green Energy secured EPC orders totaling 834 MWac/1,131 MWdc for the Khavda Hybrid Renewable Power Project, including electrical, civil, and allied works. Earlier 534 MWac orders plus new 300 MWac/405 MWdc segment for electrical, civil, and allied work including pile foundations, module mounting structures, and HT equipment supply.
• Government of BotswanamajorStrategic or Co-development Partner · 18 December 2025$4 billion MoU for large-scale renewable energy infrastructure development in Botswana. Partnership supports Botswana's goal to achieve net-zero emissions by 2030.
• SJVN LtdcoreStrategic or Co-development Partner · 17 November 2025₹696.50 crore EPC and O&M contract for 200 MW solar power project in Gujarat. Includes supply, construction, and 3-year operation and maintenance agreement.
• Fabtech GroupminorStrategic or Co-development Partner · 28 October 2025MoU to develop green energy projects globally incorporating various renewable energy solutions. Partnership for international market expansion.
• Desco Infratech Ltd and Naveriya GasminorStrategic or Co-development Partner · 18 October 2025Partnership for hydrogen-natural gas blending projects in India's city gas sector. Aims to reduce LNG imports, build green infrastructure, and support India's climate goals through KPI Green Hydrogen and Ammonia subsidiary.

Scale indicators14 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• JSW Energy: Diversified Indian power producer with growing renewable portfolio in solar, wind and hydro; targets multi-GW renewable capacity and competes in similar IPP and hybrid tenders with state utilities.
• Adani Green Energy: India's largest renewable IPP with utility-scale solar, wind and hybrid projects; directly comparable as a solar/wind developer, IPP off-taker of long-term PPAs with state utilities, and — per the data — also an EPC customer of KPI Green on the Khavda project.
• Sterling and Wilson Renewable Energy: Leading global solar EPC contractor and a peer for KPI Green's EPC and BoS business, executing large-scale solar projects for developers and utilities including in India and overseas.
• Tata Power Renewable Energy: Renewable arm of Tata Power developing utility-scale solar and wind projects and rooftop/CPP solutions across India; competes with KPI Green for state utility tenders and corporate CPP mandates.
• Waaree Renewable Technologies: One of India's largest solar PV manufacturers expanding into IPP and EPC project development; competes across the same solar value chain as KPI Green, including module supply and IPP development.

Broad incumbents

• Suzlon Energy: India's largest wind turbine manufacturer and a major wind IPP; comparable as a renewable power producer in India's wind/solar hybrid space alongside KPI Green's wind+hybrid offerings.
• Inox Wind: Wind turbine OEM and IPP developer with utility-scale wind projects across India; overlaps with KPI Green's wind IPP segment and broader hybrid renewable energy portfolio.
• Reliance Industries (Reliance New Energy): Diversified conglomerate building a large solar manufacturing and renewable energy platform; a potential competitor for utility-scale solar tenders and corporate CPP deals.

Emerging players

• Solex Energy: Emerging Indian solar PV manufacturer scaling to 4 GW capacity; a recent supplier to KPI Green (₹450+ crore module order) and increasingly a comparable Indian-listed solar manufacturer-IPP peer.

Regional players

• Orient Green Power: India-focused renewable IPP operating wind, biomass and small hydro assets; comparable as a smaller listed Indian renewable power producer though with a narrower technology mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/kpgroupsolarism
• Facebookfacebook.com/solarism.kpgroup
• LinkedInlinkedin.com/company/kpigil

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries4 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about KPI Green Energy