KPI Green gets ₹686 crore credit facility for solar project

28 Jun 2024 , 12:58 PM

KPI Green received credit facilities worth ₹686 Crore. This financing will be used to create a large-scale solar photovoltaic power facility in Khavda, Kutch District, with a capacity of 200 MWAC (240 MWDC).

The company obtained ₹300 Crores through a Qualified Institutional Placement (QIP), as disclosed under Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015. A significant percentage of the cash (₹225 Crore) have already been used to fund the project’s early stages.

“This financial support is pivotal in advancing our efforts to expand our renewable energy portfolio,” says KPI Green. The project is expected to increase KPI Green’s capacity to provide environmentally friendly energy solutions and match with the company’s strategic aim of obtaining 1000 MWp capacity by 2025.

KPI Green Energy Ltd, founded in 2008, is a subsidiary of the KP Group. They create, build, own, manage, and operate renewable power facilities (solar and wind solar hybrid power projects) as an Independent Power Producer (IPP) and as a service provider to Captive Power Producers (CPPs) under the ‘Solarism’ label.

At around 12.36 PM, KPI Green was trading 1.93% higher at ₹1,752.10 per piece, against the previous close of ₹1,718.95 on NSE. The counter touched an intraday high and low of ₹1,793.35, and ₹1,731.90, respectively.

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