KPI Green Energy has announced that its subsidiary, Sun Drops Energia Limited, has executed a Battery Energy Storage Purchase Agreement (BESPA) with Gujarat Urja Vikas Nigam Limited (GUVNL). The agreement covers the development of a 120 MW / 240 MWh Independent Power Producer (IPP) Standalone Battery Energy Storage System (BESS) Project.

New BESS Agreement With GUVNL

The BESPA was signed pursuant to a tariff-based competitive bidding process conducted by GUVNL under Phase-VIII, supported by Viability Gap Funding (VGF) through the Power System Development Fund (PSDF). Sun Drops Energia Limited will develop, own, and operate the Standalone BESS Project at locations in the vicinity of the 220kV Gariyadhar AIS Substation (65 MW / 130 MWh) and the 220kV Otha AIS Substation (55 MW / 110 MWh) in the State of Gujarat.

The following table summarizes the key parameters of the new BESS project:

Total BESS Portfolio Expands to 565 MW / 1,130 MWh

This agreement has been executed subsequent to an earlier 445 MW / 890 MWh BESPA with GUVNL. With the inclusion of this latest project, the Group’s cumulative executed standalone BESS portfolio has grown to 565 MW / 1,130 MWh.

The table below provides an overview of the company's BESS portfolio following this addition:

The execution of the BESPA marks a significant milestone for the Group, strengthening its presence in the utility-scale BESS segment and expanding its footprint across renewable energy infrastructure.

KPI Green Energy Limited's Board of Directors, at its meeting held on May 15, 2026, approved two key directorial changes pursuant to Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The board meeting commenced at 11:13 A.M. and concluded at 11:40 A.M. Both appointments were made based on the recommendation of the Nomination and Remuneration Committee and remain subject to the approval of the shareholders of the company.

Key Board Changes at a Glance

The following directorial appointments were approved at the May 15, 2026 board meeting:

Appointment of Mr. Rajesh Shrivastava as Whole Time Director

Mr. Rajesh Shrivastava joins KPI Green Energy as Additional Director and Whole Time Director with nearly 37 years of distinguished experience across the power, infrastructure, and renewable energy sectors. He has been associated with more than 30 GW of power projects across fossil fuel and renewable energy domains, including over 10 GW of renewable energy projects under development and execution.

His prior leadership roles span some of India's most prominent energy organisations:

• Reliance New Energy – President & Business Head, Renewable Energy Development, where he was involved in planning a renewable energy ecosystem in Kutch involving 150 GWp of solar capacity and large-scale BESS infrastructure across nearly 60,000 acres
• Aditya Birla Renewables – CEO, where he led scale-up of the renewable business portfolio from 600+ MW to over 3.0 GW within two and a half years
• Adani Green Energy – COO, where he led execution of three of India's largest hybrid renewable projects and contributed to the strategic vision of scaling the business toward 25 GW capacity
• Earlier roles at Toshiba JSW Power Systems, Toshiba India, LANCO Solar, TPSCI, and NTPC, covering large EPC projects in India and abroad

Mr. Shrivastava is a Gold Medalist in Civil Engineering and holds an M.Tech in Structures from IIT Mumbai. He has also completed executive management studies at INSEAD Singapore and was recognised among the Top 15 Global Leaders by Toshiba Corporation, Japan.

Re-appointment of Mrs. Venu Birappa as Independent Director

Mrs. Venu Birappa, who is being re-appointed for a second term of five consecutive years effective August 3, 2026, brings nearly four decades of experience in the power sector to the board. She holds a Bachelor's Degree in Electrical Engineering from Maharaja Sayajirao University Baroda, a Diploma in Management from Indira Gandhi National Open University, and a Bachelor of Laws (General) from Saurashtra University. She has also completed the Quality Management Systems Auditor/Lead Auditor Training based on ISO 9001:2005.

Mrs. Venu Birappa began her career in 1984 with the erstwhile Gujarat Electricity Board (GEB) and later served as Executive Engineer (Regulatory & Commerce) at Gujarat Energy Transmission Corporation Limited (GETCO) until July 2021. Her areas of expertise include:

• Regulatory, legal, financial, commercial, and technical aspects of transmission, system operation, and distribution
• Formulation of regulations under the Electricity Act, 2003
• Matters related to transmission agreements, capital cost approvals, tariff regulations, open access, intra-state ABT, and renewable energy
• Representation of GETCO before the Gujarat Electricity Regulatory Commission (GERC), the Appellate Tribunal for Electricity (APTTEL), the High Court, and the Supreme Court of India

Compliance and Disclosure

The disclosures pertaining to both appointments have been made in accordance with SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026, dated January 30, 2026. The communication was signed by Krunal Bhatt, Company Secretary & Compliance Officer of KPI Green Energy, on May 15, 2026.