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KPI Green Energy has secured INR 3,200 crore from the State Bank of India to finance its solar and hybrid projects in Gujarat, totaling more than 1 GWp. The funding will support a 250 MW solar project and a 370 MW hybrid project, both backed by 25-year PPAs with GUVNL. Developed in Bharuch and Surendranagar, the projects follow a 75:25 debt-equity structure and aim to strengthen recurring revenue streams. Once operational, they will contribute to KP Group's 10 GW target by 2030 and reduce over 1.5 million tonnes of CO2 annually.
KPI Green Energy has received a finance facility of INR 3,200 crore from the State Bank of India to support its solar and hybrid independent power projects in Gujarat, together totaling over 1 GWp. The funding will back a 250 MW (AC)/350 MWp (DC) solar power project and a 370 MW hybrid project, which includes 557 MWp of solar capacity and 124.20 MW of wind capacity. Advertisement
The facility, comprising both fund-based and non-fund-based components, will partially finance the development of these projects. Both initiatives have secured 25-year long-term power purchase agreements with Gujarat Urja Vikas Nigam Ltd (GUVNL) and are being developed in the Bharuch and Surendranagar districts. The projects will follow a 75:25 debt-to-equity ratio, with the proceeds directed toward project costs, reimbursement of past expenses, and other development activities.
Faruk Patel, Chairman and Managing Director of KPI Green Energy, stated that the sanction from the State Bank of India validates the company's capabilities and long-term vision. He added that the new capacity will significantly expand KPI Green Energy's operational portfolio, strengthen annuity income streams, and create lasting value for stakeholders. Once operational, these projects will contribute toward the KP Group's 10 GW target by 2030 and will initiate revenue recognition through long-term PPAs, supporting recurring income and profitability.
The initiatives are expected to reduce carbon dioxide emissions by over 1.5 million tonnes annually, an environmental impact comparable to planting more than 65 million trees each year. This underscores the company's ongoing commitment to a sustainable and greener future. Founded in 1994 by Faruk G Patel, KP Group has evolved into a diversified conglomerate with expertise in renewable energy, infrastructure, and innovation.
Source PTI
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