KPI Green Energy Secures INR 686 Crore for Major Solar Project in Gujarat
This funding, secured through credit facilities, is set to drive the development of a 200 MWAC (240 MWDC) Solar Photovoltaic Power Project in Khavda, Kutch District, Gujarat.
June 29, 2024. By News Bureau
KPI Green Energy Ltd, has achieved a milestone with the final sanctioning of financial assistance totalling INR 686 crore. This funding, secured through credit facilities, is set to drive the development of a 200 MWAC (240 MWDC) Solar Photovoltaic Power Project in Khavda, Kutch District, Gujarat.
The Khavda project is poised to enhance KPI Green Energy's renewable energy portfolio, aligning with the company's commitment to sustainable development and environmental stewardship. In its disclosure to stakeholders, KPI Green Energy emphasised that this financial assistance would play a crucial role in developing the project, and completing it within the stipulated time frame. This announcement complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
KPI Green Energy's strategic focus on expanding its renewable energy footprint underscores its dedication to providing environmentally friendly and sustainable energy solutions for the nation. The Khavda project represents a substantial stride towards the company's ambitious goal of achieving a 1000 MWp capacity by 2025. Leveraging state-of-the-art technology and industry expertise, KPI Green Energy aims to strengthen its position as a Independent Power Producer (IPP) and service provider to Captive Power Producers (CPPs) under its ‘Solarism’ brand.
Previously, the company raised INR 300 crore through a Qualified Institutional Placement (QIP), utilising INR 225 crore of this amount to partially fund the Khavda project. With the newly secured financial support, KPI Green Energy is well-positioned to expedite the completion of this ambitious renewable energy initiative.
KPI Green Energy recently reported a notable increase in its financial performance. The company's consolidated net profit surged by 35.4 percent to INR 43.04 crore, accompanied by a 58.6 percent jump in revenue from operations to INR 289.36 crore in Q4 FY24 over Q4 FY23.
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