By Faruk G Patel
Copyright indiatimes
AgenciesRepresentational
New Delhi: KPI Green Energy on Thursday said it has secured a sanction of Rs 3,200 crore finance facility from State Bank of India for its solar and hybrid independent power producer projects, aggregating over 1 GWp in Gujarat. The sanctioned facilities will support two strategically significant renewable projects – a 250 MW (AC)/ 350 MWp (DC) solar power project and a 370 MW hybrid power project, comprising 557 MWp solar portion and 124.20 MW wind portion, according to a company statement. The company secured Rs 3,200-crore sanction from State Bank of India (PF&SBU), comprising both fund-based and non-fund-based facilities, to part-finance the development of its 250 MW solar project and 370 MW hybrid project in Gujarat, together aggregating over 1 GWp of the company’s Independent Power Producer (IPP) portfolio, the statement said. Both projects are secured by 25-year long-term power purchase agreements (PPAs) with Gujarat Urja Vikas Nigam Ltd (GUVNL) and are being developed in Bharuch and Surendranagar districts of Gujarat. The projects will be funded with a 75:25 debt-equity ratio, with proceeds earmarked for project cost financing, reimbursement of incurred expenditure, and related development expenses.Live Events “This landmark sanction from the State Bank of India is a strong validation of KPI Green Energy’s capabilities and long-term vision,” Faruk Patel, Chairman & Managing Director of KPI Green Energy Limited, said. “With over 1 GWp of new capacity being developed, we will significantly expand our operational portfolio, strengthen annuity income streams, and create long-term value for all stakeholders,” Patel added. Upon commissioning, these projects will make a substantial contribution to KP Group’s 10 GW target by 2030. Revenue recognition will begin through long-term PPAs, strengthening recurring revenue streams and profitability. The projects will eliminate over 1.5 million tonnes of carbon dioxide emissions annually – an environmental benefit equivalent to planting more than 65 million trees every year – reinforcing our commitment to a greener and more sustainable future.Add as a Reliable and Trusted News Source Add Now!
Established by Faruk G Patel in 1994, KP Group has grown into a multi-faceted conglomerate with core expertise in renewable energy, infrastructure, and innovation.(You can now subscribe to our Economic Times WhatsApp channel)
Read More News onstate bank of indiaKPI Green EnergyRs 3,200 crore finance facilityState Bank of Indiasolar and hybrid projectsGujaratSBI New DelhiGujarat Urja Vikas Nigam Ltdfaruk patelkpi green energy limited
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News onstate bank of indiaKPI Green EnergyRs 3,200 crore finance facilityState Bank of Indiasolar and hybrid projectsGujaratSBI New DelhiGujarat Urja Vikas Nigam Ltdfaruk patelkpi green energy limited(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless
