Surat-based renewable energy solutions provider KPI Green Energy’s board of directors has 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.

The bonds will be issued in one or more tranches in dematerialized form and listed on the Negotiated Trade Reporting Platform under the New Debt Market Segment of the National Stock Exchange of India.

They carry a coupon rate of 8.5% per annum and a tenure of 60 months from the deemed date of allotment.

A package of renewable energy assets backs the bonds. The primary security is a 110.7 MW independent power producer (IPP) project owned by KPI Green Energy, with a first-ranking fixed charge over the assets, a floating charge over receivables and cash inflows, a charge over its debt service reserve and security deposits, and a first-ranking mortgage on the project land.

Subsidiaries KPIG Energia Private and KPARK Sunbeat Private have similarly pledged their 24.7 MW and 10 MW IPP projects, respectively. Each project was secured through first-ranking charges over project assets, escrow accounts, and project land, along with non-disposal undertakings.

The company has a cumulative power evacuation capacity of over 3.2 GW and a solar and hybrid portfolio exceeding 4 GW.

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 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.