KPI Green plans $1 billion trust amid green energy push

KPI Green Energy is planning to launch an InvIT backed by renewable energy assets to raise up to $1 billion. The trust will target an initial raise of Rs 80 billion to Rs 100 billion. KPI Green Energy is turning to InvITs to broaden its capital base as India races to build 500 GW of clean energy capacity by the end of the decade. The company tapped the debt market last year, raising Rs 6.7 billion via a green bond backed by a 65 per cent guarantee from GuarantCo, a Private Infrastructure Development Group (PIDG) company. The proposed InvIT will hold 1.5-2 GW of operational solar, wind and hybrid power ⁠projects. Some of these assets have long-term power supply agreements with state-backed utilities, including Gujarat Urja Vikas Nigam Limited (GUVNL) and SJVN.