KP Energy share price rallied 5.6 percent intraday Tuesday after it has tied up with an Indian subsidiary of Europe based renowned global WTG (wind turbine generator) manufacturer for developing Wind power project of 300 MW (130 wind turbine generators of 2.3 MW each) in Gujarat.

The project will be connected with ISTS (Inter State Transmission System) network of Central Transmission Utility.

KP Energy will facilitate distinct wind locations, permits, wind campaign, power evacuation infrastructure comprising of 220kv dedicated lines and pooling substation as per PGCIL standards, site civil works for WTG foundation, logistics & erection, the company said.

Hajipir (Kutch, Gujarat) is the pilot site where KP Energy will be deploying LIDAR technology for wind measurements in addition to already installed met-masts, making long term power generation estimates more reliable for IPPs and offering best practices in driving assumptions to surety for auction driven Indian Wind Industry as a wind park developer.

KP Energy said the binding letter of intent (LOI)/term sheet for the same has been signed with the renowned Global WTG manufacturer.

This project will add up to total 600MW (300MW + 300MW) projects with CTU (Central Transmission Utility) to be developed by team KP Energy in next two years, it added.

The value of total business tie up by KP Energy to be executed in two years under STU (State Transmission Utility) and CTU (Central Transmission Utility) wind projects now exceeds Rs 650 crore, it said.

At 11:23 hours IST, the stock price was quoting at Rs 319.00, up Rs 16.90, or 5.59 percent on the BSE.

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