KPI Green Energy, a Gujarat-based solar and hybrid power generating company, has secured a credit facility of INR 272 crore (approximately $35 million) to finance a 50 MW hybrid power project in Bharuch, Gujarat. The project will feature 75.2 MWp solar capacity and 16.95 MW wind capacity. The company received the final sanction letter from the National Bank for Financing Infrastructure and Development (NaBFID) for the credit facilities. The project will be developed under a 25-year Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Ltd. (GUVNL).
The company aims to complete the project within the stipulated timeframe and views the financial assistance as crucial for its development. The project will significantly enhance KPI Green Energy’s renewable energy portfolio, supporting its commitment to providing environmentally friendly and sustainable energy. The company is also working towards reaching its goal of 10 GW capacity by 2030.
KPI Green Energy has a cumulative power evacuation capacity of 2,591 MW and a solar and hybrid portfolio of about 3.40 GW. The company has signed several agreements and memorandums with various state governments, including a 1.8 GW renewable energy project with the Madhya Pradesh government and a 300 MW AC solar PV plant with Coal India. The company is also targeting the early completion of its 200 MW solar project in Khavda, Gujarat, and has signed an MoU with the Government of Odisha for the establishment of a renewable energy park in the district of Ganjam.