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KPI Green Energy Secures INR 3,200 Crore Funding from SBI for 1 GWp IPP Projects in Gujarat

KPI Green Energy has secured a sanction of INR 3,200 crore from State Bank of India to part-finance about 1 GWp of solar and hybrid IPP projects in Gujarat under long-term PPAs with GUVNL.

September 25, 2025. By Mrinmoy Dey

KPI Green Energy has announced that the company has secured a sanction of INR 3,200 crore from State Bank of India, comprising both fund-based and non-fund based facilities, to part-finance the development of its solar and hybrid Independent Power Producer (IPP) projects aggregating about 1 GWp in Gujarat.

The sanctioned facilities will support two strategically significant renewable projects including a 250 MW (AC)/350 MWp (DC) solar power project and a 370 MW hybrid power project, comprising 557 MWp solar portion and 124.20 MW wind portion, the company said in a statement.

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

The projects will be funded with a 75:25 debt-equity ratio, with proceeds earmarked for project cost financing, reimbursement of incurred expenditure, and related development expenses.

Dr. Faruk Patel, Chairman and Managing Director, KPI Green Energy, stated, “This landmark sanction from the State Bank of India is a strong validation of KPI Green Energy's capabilities and long-term vision. 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.”

Upon commissioning, these projects will make a substantial contribution to KP Group's 10 GW target by 2030. Revenue recognition will begin through long-term PPAs, strengthening recurring revenue streams and profitability.

“The projects will eliminate over 1.5 million tonnes of CO2 emissions annually-an environmental benefit equivalent to planting more than 65 million trees every year-reinforcing our commitment to a greener, more sustainable future,” the company stated.

Tags:

KPI Green Solar proejcts

KPI Green Energy IPP Projects

RE project financing

Dr. Faruk Patel

State Bank of India (SBI)

IPP projects in Gujarat