KPI Green secures Rs 32 billion financing for solar and hybrid project in Gujarat

KPI Green Energy Limited has received a sanction of Rs 32 billion from the State Bank of India. The financing will be utilised to partly fund the company’s solar and hybrid independent power producer projects with a total capacity exceeding 1 GWp. The projects are situated in the Bharuch and Surendranagar districts of Gujarat. Additionally, the sanctioned facilities include fund-based and non-fund components and will finance two projects. These include a 250 MWac solar plant and a 370 MW hybrid project, comprising 557 MWp of solar and 124.20 MW of wind capacity. Furthermore, both projects are backed by 25-year power purchase agreements with Gujarat Urja Vikas Nigam Limited. They will follow a 75:25 debt-equity structure, with funds allocated for project costs, reimbursement of expenses, and other development needs.