Surat-based renewable energy solutions company KPI Green Energy has secured ₹9.79 billion (~$105.99 million),  comprising a ₹9.31 billion (~$100.81 million) term loan and a ₹480 million (~$5.19 million) bank guarantee facility, from Canara Bank to develop a 150 MW wind power project in Gujarat.

The project is backed by a 25-year power purchase agreement (PPA) with the Gujarat Urja Vikas Nigam (GUVNL), ensuring revenue visibility and stability.

The project is being developed across the Bharuch and Bhavnagar districts of Gujarat and forms part of KPI Green Energy’s growing renewable portfolio.

The total project cost is estimated at ₹12.41 billion (~$134.36 million), to be financed in a debt–equity ratio of 75:25, with the sanctioned term loan constituting the debt portion.

In terms of financing structure, the facility has a door-to-door tenor of 20 years and 1 month, including a 1-year 4-month implementation period and a 1-year moratorium.

This long-term financing arrangement is designed to support the timely execution and operational stability of the project.

Faruk Patel, Chairman and Managing Director at KPI Green Energy, highlighted that access to long-term financing is critical for scaling clean energy infrastructure. The project will strengthen the company’s renewable portfolio, generate stable annuity revenues, and create long-term stakeholder value.

The project will contribute significantly to KP Group’s target of achieving 10 GW of renewable capacity by 2030.

Last December, the board of directors of KPI Green Energy approved a proposal to raise ₹4.75 billion (~$52.99 million) by issuing 10.1 million fully convertible equity warrants to the promoter-group entity, Quyosh Energia.

Earlier, the company had secured approval from the State Bank of India for a ₹32 billion (~$360.77 million) loan to finance its solar and hybrid independent power producer projects in Gujarat. The approval comprised 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 MW of solar and 124.2 MW of wind, in Gujarat.