Shares of KPI Green Energy Limited hit a 5% upper circuit on 18 March after the company emerged as the lowest bidder for a solar power project development.

In its regulatory filing, the company said that they have emerged as the lowest bidder in the Maharashtra State Power Generation Co. Ltd for developing a 100-megawatt alternating current (MWac) solar power project.

The company had participated under the EPC package with land for developing capacity 600 MWac Solar-photovoltaic Power project at various locations in Maharashtra under RE Bundling Scheme issued by Maharashtra State Power Generation.

The filing added, “We are thrilled to announce that this tender win marks a pivotal moment in our journey as we expand our business beyond the state of Gujarat. It underscores our ambition to play a key role in advancing renewable energy solutions at a broader geographical level.”

This is the second such order the company has received last week the company bagged a hybrid wind-solar power project from Gujarat Urja Vikas Nigam Limited for developing a 500-megawatt renewable power project that has a greenshoe option of another 500 megawatts.

Earlier on 8 March, the company received an order that has a total capacity of 305 MWac from which 175 MWac was received from Aditya Birla Renewables Subsidiary Limited and 130MWac by ABREL (RJ) Projects Limited for the development of Balance of System forming part of a wind-solar hybrid power project in Gujarat.

At 12:15 pm, the shares of KPI Green Energy were locked 5% higher at Rs 1,525.35 on NSE.