KPI Green Energy Secures Rs.6.86 Billion for Kutch Solar Project

01 Jul 2024 CW Team

KPI Green Energy has secured a substantial credit facility of ?6.86 billion ($82.1 million) to advance a 200 MW solar photovoltaic power project in Khavda, Kutch District. This funding follows the company's successful fundraising of ?3 billion ($36.08 million) through qualified institutions placement.

The company's board approved the issuance of 2.54 million equity shares to qualified institutional buyers at ?1,183 ($14.23) per share, raising funds primarily for the project. Of the total amount raised, ?2.25 billion ($26.9 million) has already been allocated to support the solar initiative.

KPI Green Energy aims to significantly expand its renewable energy portfolio with the new solar project, part of efforts to achieve 1,000 MW capacity by 2025.

In recent achievements, KPI Green emerged victorious in Gujarat Urja Vikas Nigam's auctions, securing contracts to supply power from both grid-connected solar and wind-solar hybrid projects. The company's strategic bids underscore its growing presence and capabilities in India's renewable energy sector.

With a current order book exceeding 524 MW and recent acquisitions like KPark Sunbeat, KPI Green continues to strengthen its position as a key player in sustainable energy development.

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