Surat: City-based renewable energy developer and operator KPI Green Energy has secured a ₹3,200 crore funding sanction from the State Bank of India for its solar and hybrid independent power producer (IPP) projects in Gujarat, the company said in a stock exchange filing on Thursday.

In a press release, the company said, “KPI Green Energy Limited secures a sanction of INR 3,200 crore 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.”

Project Details

The sanctioned facilities will support two significant renewable projects:

1. 250 MW (AC) / 350 MWp (DC) Solar Power Project

2. 370 MW Hybrid Power Project, comprising 557 MWp Solar portion and 124.20 MW Wind portion

Both projects are secured by 25-year long-term Power Purchase Agreements (PPAs) with Gujarat Urja Vikas Nigam Limited (GUVNL) and are being developed in the Bharuch and Surendranagar districts of Gujarat.

The projects are expected to contribute to the KP Group’s 10 GW renewable energy target by 2030 and reduce carbon emissions by more than 1.5 million tonnes annually.

Dr. Faruk Patel, Chairman & Managing Director, KPI Green Energy Limited, said, “Financing is a critical enabler of large-scale infrastructure, and this partnership empowers us to accelerate capacity addition under India’s renewable transition. 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. We remain fully committed to delivering these projects ahead of stipulated timelines and setting new benchmarks in execution excellence.” — DeshGujarat