Renewable energy solutions provider KPI Green Energy has secured a credit facility of ₹6.86 billion (~$82.1 million) to develop a 200 MW solar photovoltaic power project in Khavda, Kutch District.

The credit facility comes after the company recently raised ₹3 billion (~$36.08 million) through qualified institutions placement.

The company’s board had approved the issuance and allotment of 2.54 million equity shares to qualified institutional buyers at the issue price of ₹1,183 (~$14.23) per equity share against the floor price of ₹1,245 (~$14.97).

Of the ₹3 billion (~$36.08 million), ₹2.25 billion (~$26.9 million) has already been allocated to fund the project.

KPI Green said the solar project would significantly enhance its renewable energy portfolio and expedite efforts to install 1,000 MW capacity by 2025.

Recently, KPI Green was declared one of the winners in Gujarat Urja Vikas Nigam’s (GUVNL) auction to supply power from 500 MW grid-connected solar power projects with a 500 MW greenshoe option (Phase XXIV). KPI Green won 120 MW at a tariff of ₹2.67 (~$0.0320)/kWh.

A few days earlier, the company won GUVNL’s auction to supply power from 500 MW grid-connected wind-solar hybrid projects with a 500 MW greenshoe option. KPI Green quoted ₹3.33 (~$0.0399)/ KWh for 50 MW.

In February, KPI Green reported that it had a current order book of more than 524 MW, of which 279 MW projects were under the independent power producer segment, 60 MW under the captive power producer segment, and 185 MW under hybrid.

Last October, KPI Green acquired a 99.9% equity stake in solar power developer KPark Sunbeat for ₹1.26 billion (~$15.1 million). The related-party transaction involved the acquisition of 9,900 equity shares of KPark Sunbeat.