SBI backs KPI Green Energy with one of its largest renewable loans, structured on a 75:25 debt equity ratio

KPI Green Energy has secured a Rs 3,200 crore financing facility from the State Bank of India (SBI) to advance large-scale solar and hybrid power projects in Gujarat. The sanction, among the company’s largest to date, underscores the state-run lender’s growing role in underwriting India’s clean energy ambitions.

The funding will support two projects, a 250 MW (AC) solar plant with 350 MWp DC capacity, and a 370 MW hybrid project comprising 557 MWp solar and 124.2 MW wind generation. Both ventures, located in Bharuch and Surendranagar districts, are backed by 25-year power purchase agreements with Gujarat Urja Vikas Nigam (GUVNL).

Structured on a 75:25 debt equity ratio, the facility will be utilised for project costs, reimbursements of expenditure already incurred, and ancillary development works. Once commissioned, the projects will add over 1 GWp to KPI’s independent power producer (IPP) portfolio and are expected to prevent more than 1.5 million tonnes of carbon dioxide emissions annually.

The initiative forms part of KPI’s long-term strategy under KP Group to scale renewable energy capacity to 10 GW by 2030. For SBI, the transaction reflects its continued focus on financing renewable infrastructure in line with India’s climate goals and decarbonisation pathway.

KPI Green Energy, the renewable arm of Gujarat-based KP Group, is engaged in solar and hybrid project development across utility and captive segments. With an expanding IPP portfolio, it has steadily positioned itself among mid-sized independent power producers driving India’s energy transition.