KPI Green Energy Ltd. shares closed higher on Wednesday after the company announced receiving the largest single letter of intent (LOI) for the execution of a renewable energy project under the Captive Power Producer (CPP) business segment. Shares ended Wednesday's session with gains of close to 2 percent.

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The company received a Wind-Solar Hybrid power project from Anupam Rasayan India Ltd. in Surat, Gujarat, for executing a capacity of 40 megaWatt (MW) under its CPP business.

The hybrid power project includes 21.5 MW wind energy and 18.5 MW of solar capacity in Surat, the company said in a filing to the stock exchanges.

KPI Green Energy said that this is the largest single LOI in the Wind-Solar Hybrid Power Project and indicates the company’s position as a strong contender in the country’s renewable energy market.

“This achievement further strengthens our position in the industry and reinforces our commitment to driving the transition towards clean and renewable energy sources,” the release added.

KPI Green will develop the said Wind-Solar Hybrid power project as per the details and terms of the LOI received. The project will be completed in multiple tranches in the ongoing financial year 2023-24.

KPI Green's net profit tripled during the March quarter while sales more than doubled. The stock ended at Rs 539.5, up 1.9 percent.