Surat-based renewable energy solutions provider KPI Green Energy has secured a credit facility of ₹2.72 billion (~$31.4 million) to partly finance a 50 MW hybrid power project at Bharuch, Gujarat, comprising 75.2 MW 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.

The hybrid project will be developed under a 25-year power purchase agreement with Gujarat Urja Vikas Nigam.

The project supports KPI Green’s goal to reach 10 GW capacity by 2030.

Currently, the company has a 2,591 MW cumulative power evacuation capacity and a 3.40 GW solar and hybrid portfolio.

The company posted a total revenue of ₹3.61 billion (~$42.83 million) in the second quarter of the financial year 2025, an increase of 67% year-over-year. The earnings before interest, taxes, depreciation, and amortization grew 87% to ₹1.34 billion (~$15.9 million).

In the independent power producer segment, KPI Green commissioned over 171 MW of operational capacity, with an additional 1,261 MW actively under execution. In the captive power producer segment, the company commissioned 336 MW, with 1,148 MW in the pipeline in 2024.

Additionally, the company commissioned 81 MW of hybrid projects as of the first half of FY 2025, with a pipeline of over 1.1 GW in hybrid power orders.

Last year, KPI Green won Coal India’s auction to set up a 300 MW grid-connected ground-mounted solar project at the Khavda Solar Park in Gujarat.

It also secured a credit facility of ₹6.86 billion (~$82.1 million) to develop a 200 MW solar photovoltaic power project in Khavda, Kutch District.

In 2023, KPI Green raised ₹3 billion (~$36.08 million) through a Qualified Institutions Placement of shares.

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