New Delhi: KPI Green Energy Limited has secured a sanction of Rs 3,200 crore from State Bank of India (SBI) to part-finance the development of its solar and hybrid Independent Power Producer (IPP) projects aggregating more than 1 GWp in Gujarat.
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The financing package, comprising both fund-based and non-fund-based facilities, will support two large projects: a 250 MW (AC) / 350 MWp (DC) solar power project and a 370 MW hybrid project with 557 MWp solar and 124.20 MW wind capacity. Both projects are backed by 25-year long-term power purchase agreements with Gujarat Urja Vikas Nigam Limited (GUVNL) and are being developed in Bharuch and Surendranagar districts.
According to the company, the projects will be financed with a 75:25 debt-equity ratio. The sanctioned facilities will be used for project cost financing, reimbursement of already incurred expenditure, and other related development expenses.
KPI Green Energy said the sanction highlights SBI’s confidence in its technical expertise, execution record and financial strength. “This landmark sanction from the State Bank of India is a strong validation of KPI Green Energy’s capabilities and long-term vision. Financing is a critical enabler of large-scale infrastructure, and this partnership empowers us to accelerate capacity addition under India’s renewable transition,” said Dr Faruk Patel, Chairman and Managing Director of KPI Green Energy.
The company noted that upon commissioning, the two projects will contribute significantly to KP Group’s 10 GW capacity target by 2030. Revenue recognition will begin through long-term PPAs, strengthening recurring revenue streams and profitability.
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The projects are expected to offset over 1.5 million tonnes of CO₂ emissions annually, equivalent to planting more than 65 million trees each year. KPI Green said this reinforces its commitment to sustainable growth and strengthens its position as one of India’s fastest-growing renewable energy companies.