KPI Green Energy Ltd. on Wednesday announced that it has signed a Memorandum of Understanding (MoU) with a Maharashtra government undertaking to collaborate on renewable energy projects.

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The company said that it has executed an MoU with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd. (MAHAPREIT), which is a subsidiary of Mahatma Phule Backward Class Development Corporation Ltd.

Under this agreement, KPI Green Energy has been appointed as knowledge partner to MAHAPREIT, offering assistance in overcoming initial challenges by designing and formulating a comprehensive blueprint for project-specific strategic planning.

KPI Green Energy would also be providing dedicated support in operational and control management aspects throughout the entire project lifecycle, the company said in a filing to stock exchanges.

“This collaboration establishes a significant strategic partnership aimed at the advancement of diverse projects, particularly those in the realm of renewable energy,” the company added.

KPI Green Energy develops, builds, owns, operates, and maintains solar power plants. It has also now ventured into solar-wind hybrid power.

Last week, the company reported that its standalone sales during the first quarter ended June 2023 (Q1 FY24) stood at Rs 109.5 crore, down 5.9 percent from Rs 116.40 crore in the year-ago period.

Quarterly net profit for the June quarter also dropped 43 percent year-on-year to Rs 13.33 crore from Rs 23.4 crore in the corresponding quarter last year.

Shares of KPI Green Energy are trading 0.8 percent higher at Rs 844.65.