KPI Green secures Rs 979 crore debt for 150 MW Gujarat wind project

KPI Green Energy Limited has secured Rs 979 crore in debt financing from Canara Bank for a 150 MW wind power project in Gujarat, to be developed under the Independent Power Producer (IPP) model. The facility includes a Rs 931 crore term loan and a Rs 48 crore bank guarantee.

The project is located across Bharuch and Bhavnagar districts and is backed by 25-year power purchase agreements (PPAs) with Gujarat Urja Vikas Nigam Limited (GUVNL). The total project cost is estimated at Rs 1,241.68 crore, structured at a 75:25 debt-equity ratio.

The loan has a door-to-door tenor of slightly over 20 years, including an implementation period of 16 months and a one-year moratorium.

The long tenor reflects lender comfort with the project structure, supported by long-term offtake from GUVNL and the developer’s track record. The project forms part of KP Group’s broader plan to scale its renewable energy portfolio to 10 GW by 2030.

Chairman and Managing Director (CMD) Dr. Faruk Patel said the financing will support timely execution of the project and help generate stable annuity-based revenues.

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