KPI Green Energy has received a sanction of Rs 3,200 crore in financing from the State Bank of India (PF&SBU) to support the development of two major renewable energy projects in Gujarat.

The funds will aid a 250 MW (AC)/350 MWp (DC) solar power project and a 370 MW hybrid project, which includes a 557 MWp solar and 124.20 MW wind component. These projects together contribute over one GWp to KPI Green’s independent power producer (IPP) portfolio. Located in the Bharuch and Surendranagar districts, both projects are backed by 25-year power purchase agreements (PPAs) with Gujarat Urja Vikas Nigam (GUVNL). The funding package includes both fund-based and non-fundbased facilities and will be utilized under a 75:25 debt-equity structure.

The proceeds will be directed towards project cost financing, reimbursement of prior expenditure, and development-related expenses. This development marks a significant step in KPI Green’s expansion in the renewable sector and aligns with India’s clean energy goals.