The agreement follows a Letter of Intent issued on 3 January 2026 for the development of self-owned Independent Power Producer (IPP) standalone BESS projects with an aggregate capacity of 445 MW / 890 MWh across multiple locations in Gujarat. The projects were awarded under GUVNL’s Phase-VII tariff-based competitive bidding, supported by Viability Gap Funding (VGF) through the Power System Development Fund (PSDF).

Under the agreement, Sun Drops Energia will develop, own, and operate the BESS projects and make the contracted battery energy storage capacity available to GUVNL on a long-term basis.

KPI Green Energy is part of KP Group. They develop, build, own, manage, and maintain renewable power facilities (solar and wind solar hybrid power projects) as an Independent Power Producer (IPP) and as a service provider to Captive Power Producers (CPPs) under the ‘Solarism’ brand.

The company’s consolidated net profit jumped 47.73% to Rs 125.80 crore in Q3 FY26, compared with Rs 85.15 crore in Q3 FY25. Total revenue for Q3 FY26 stood at Rs 676 crore, up 45% year-on-year from Rs 466 crore in Q3 FY25.

Shares of KPI Green Energy fell 2.44% to currently trade at Rs 341.95 on the BSE.