KPI Green Energy has secured a sanction of Rs 931 crore from Canara Bank in the form of a Fresh Rupee Term Loan and Rs 48 crore in the form of a Bank Guarantee, to finance the development of its 150 MW wind power project in Gujarat.

The project is secured by 25-year long-term Power Purchase Agreements (PPAs) with Gujarat Urja Vikas Nigam (GUVNL), is being developed in Bharuch and Bhavnagar districts in Gujarat and forms part of the Company's growing Independent Power Producer (IPP) portfolio.

The total project cost is estimated at Rs 1,241.68 crore, proposed to be funded in a debt–equity ratio of 75:25, with the sanctioned term loan forming the debt component of the project financing. The facility carries a door-to-door tenor of 20 years 1 month, including implementation period of 1 year 4 months and moratorium period of 1 year, providing long-term financial support for the project's development and implementation.

Dr. Faruk Patel, Chairman & Managing Director, KPI Green Energy Limited, stated: “This sanction from Canara Bank represents another important milestone in KPI Green Energy's growth journey. The continued support from leading public sector banks reflects strong confidence in our execution capabilities and long-term vision in the renewable energy sector. Access to long-term project financing remains a critical enabler for scaling clean energy infrastructure and this facility will support the timely development of our wind power project. This facility will help accelerate the growth of our renewable energy portfolio, reinforce stable annuity revenues, and create enduring value for all stakeholders.

Upon commissioning, these projects will make a substantial contribution to KP Group's 10 GW target by 2030."