Surat-based renewable energy solutions provider KPI Green Energy has received a letter of intent (LoI) from UAE-based FVE Lifecare General Trading, part of the F Plus Group, to develop a 600 MW solar plus storage project at an estimated cost of ₹10.5 billion (~$119.02 million) in India.

The project builds upon an earlier memorandum of understanding signed with F Plus Healthcare Technologies, part of the F Plus Group.

Under the LoI, KPI Green Energy will design, develop, finance, and commission an integrated solar plus battery energy storage project to deliver reliable, round-the-clock renewable power.

According to a regulatory filing by KPI, the project execution will be phased, in line with FVE Lifecare’s global expansion plans. Initial deployments are proposed in Gujarat, Rajasthan, and Andhra Pradesh, with potential replication across Asia, the Middle East, and Africa.

The project is intended to supply energy for captive and group-captive consumption by F Plus Group’s facilities, subject to mutually agreed power purchase agreements, joint venture, or strategic investment framework.

The company also plans to pursue monetization of carbon credits, renewable energy certificates, and green certifications under international frameworks such as IRENA and UNFCCC.

Recently, KPI Green Energy secured approval from State Bank of India for a ₹32 billion (~$360.77 million) loan for its solar and hybrid independent power producer projects in Gujarat.

Earlier, KPI Green Energy’s board of directors approved the issuance of ₹6.7 billion (~$76.05 million) in secured, listed, rated, senior, redeemable, transferable, non-convertible certified green bonds through a private placement to eligible investors.

In March this year, KPI Green Energy secured a credit facility of ₹2.72 billion (~$31.4 million) to part-finance a 50 MW hybrid power project at Bharuch, Gujarat, comprising 75.2 MWp of solar and 16.9 MW of wind capacity. The company received the final sanction letter from the National Bank for Financing Infrastructure and Development for the credit facilities.