KPI Green Energy shares surge 5% on securing ₹3,200-cr sanction from SBI

KPI Green Energy shares rose 5 per cent after it secured credit worth ₹3,200 crore from the SBI for its solar and hybrid projects in Gujarat

Shares of KPI Green Energy rallied over 5 per cent on Thursday after it secured a sanction worth ₹3,200 crore from the State Bank of India for its solar and hybrid projects in Gujarat. 

 

The power generation firm's stock rose as much as 5.05 per cent during the day to ₹488.6 per share, the biggest intraday rise since August 11 this year. KPI Green's stock pared gains to trade 2 per cent higher at ₹475 apiece, compared to a 0.05 per cent advance in Nifty 50 as of 09:56 AM. 

 

Shares of the company snapped a three-day losing streak. The counter has fallen 13 per cent this year, compared to a 6 per cent advance in the benchmark Nifty 50. KPI Green Energy has a total market capitalisation of ₹9,314.50 crore.   Track Stock Market Live Updates

 

KPI Green Energy secures ₹3,200-crore SBI sanction 

KPI Green Energy has received a sanction of ₹3,200 crore from State Bank of India’s Project Finance and Structuring Business Unit (PF&SBU) to part-finance its solar and hybrid independent power producer (IPP) projects in Gujarat. The sanction includes both fund-based and non-fund-based facilities, the company said in an exchange filing. 

 

The funding will support two key projects under the company's IPP portfolio: a 250 megawatt (AC) / 350 megawatt peak (DC) solar power project, and a 370 megawatt hybrid project comprising 557 megawatt peak solar and 124.20 megawatt wind capacity.

 

Both projects, located in Bharuch and Surendranagar districts of Gujarat, are backed by 25-year power purchase agreements with Gujarat Urja Vikas Nigam Ltd (GUVNL). "Upon commissioning, these projects will make a substantial contribution to KP Group's 10 GW target by 2030."

 

"Financing is a critical enabler of large-scale infrastructure, and this partnership empowers us to accelerate capacity addition under India’s renewable transition," Faruk Patel, chairman & managing director at KPI Green Energy. "With over 1 GWp of new capacity being developed, we will significantly expand our operational portfolio, strengthen annuity income streams, and create long term value for all stakeholders." 

 

KPI Green Energy is a multi-dimensional solar energy player with interests in power generation as an Independent Power Producer (IPP) turnkey solutions for Captive Power Producers (CPP) and Operations & Maintenance (O&M) services.

First green bond listing

KPI Green Energy, earlier this month, announced the successful listing of its inaugural green bond worth ₹670 crore on the National Stock Exchange of India. The five-year bond carries an annual coupon rate of 8.50 per cent with a quarterly amortisation profile.