Surat-based renewable energy solutions provider KPI Green Energy has 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.

The approval comprises both fund-based and non-fund-based facilities to part-finance the development of its 250 MW solar project and 370 MW hybrid project, comprising 557 MWp of solar and 124.2 MW of wind, in Gujarat.

Both projects are secured by 25-year long-term power purchase agreements with Gujarat Urja Vikas Nigam 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.

Upon commissioning, these projects will contribute to KP Group’s target of 10 GW by 2030.

Faruk Patel, Chairman & Managing Director at KPI Green Energy, stated that financing is a critical enabler of large-scale infrastructure, and this partnership empowers the company to accelerate capacity addition under India’s renewable energy transition.

Recently, 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.

Total global corporate funding for the solar sector dropped by 39% year-over-year (YoY) to $10.8 billion in the first half (1H) of 2025 from $17.6 billion, according to Mercom India’s newly released 1H and Q2 2025 Solar Funding and M&A Report. The number of deals also decreased by 11% to 78 deals from 88 during the same period last year.