KP Group has signed two Memorandum of Understanding (MoU) with the Gujarat government to invest Rs. 17,690 crore in the state.

The MoUs were signed in the presence of Chief Minister Bhupendrabhai Patel and senior ministers in Gandhinagar ahead of the 10th edition of the Vibrant Gujarat Global Summit, slated to take place from January 10 to 12.

The investment is earmarked for different renewable energy projects including setting up a green hydrogen plant.

Faruk G Patel, Chairman and Managing Director of KP Group, said, “It is our privilege to sign MoUs for 2.6+ GW of solar, wind and hybrid power projects in Gujarat with the government of Gujarat. These MoUs mark a significant stride towards powering India’s green energy future by decarbonising the economy and reducing the country’s dependence on fossil fuel imports. These projects are scheduled to initiate operations from 2024 to 2026, solidifying KP Group's prominent role as a frontrunner in the Indian renewable energy sector. Additionally, these ventures are poised to emerge as significant economic catalysts in the state, fostering the creation of thousands of new jobs."

As part of the MoUs, KP Group company, KPI Green Energy, will establish a 250 MW solar park in Bharuch with an investment of Rs. 1,000 crore and a 200 MW solar park in Kutch with an investment of Rs. 800 crore.