KPI Green Gets Rs 686 Crore Credit Facilities For Kutch Solar project

KPI Green Gets Rs 686 Crore Credit Facilities For Kutch Solar project

KPI Green Energy has received a final sanction letter for credit facilities amounting to Rs. 686 Crores for the development of a 200
MWAC (240 MWDC) Solar Photovoltaic Power Project in Khavda, Kutch District.

According to a regulatory filing by the company, it had earlier raised Rs. 300 Crores through a Qualified Institutional Placement (QIP), of which Rs. 225 crores has been used to partially fund the Project.

KPI Green Energy said, “This financial assistance will play a crucial role in developing the project, with the goal of completing it within the stipulated timeframe. This project will significantly enhance our renewable energy portfolio, supporting our dedication to providing the nation with environmentally friendly and sustainable energy. It will reinforce and expedite our efforts to reach our ambitious goal of 1000 MWp capacity by 2025.”

In related news, KPI Green Energy (Rs2.67), Avaada Energy (Rs 2.68), Solarcraft Power India -BluPine (Rs 2.69) , Hinduja Renewables and NRC Industries (Rs 2.72) have emerged winners in the 500 MW solar auction from Gujarat Urja Vikas Nigam Limited (GUVNL). The tender, released in March this year, continues the trend of state discoms attracting bids over Rs 2.50, but not by a significant margin so as to cause worries yet. Even as KPI Green won 120 MW under the bucket filling method, Avaada walked away with a 200 MW allotment, and Hinduja Renewables with a 130 MW allotment. Solarcraft from BluPine won 40 MW, leaving the final 10 MW for NRC Industries.