The board of directors of renewable energy solutions provider KPI Green Energy has approved a proposal to raise ₹4.75 billion by issuing 10.1 million fully convertible equity warrants to the promoter group entity Quyosh Energia.

Quyosh Energia holds 500 shares of KPI Green Energy, and after the full conversion of warrants, its shareholding in KPI Green would rise to 4.87%.

Quyosh Energia can subscribe to one equity share of face value of ₹5 (~$0.055) for each warrant at an issue price of ₹470.3 (~$5.19). The warrants are being issued at a premium of ₹465.3 (~$5.14) each.

A minimum of 25% of the warrant price must be paid at the time of allotment, and 75% must be paid when the warrant is converted into equity shares.

In September 2025, KPI Green Energy’s board of directors approved the issuance of ₹6.7 billion (~$76.05 million) in green bonds through a private placement to eligible investors.

In the same month, the company also secured approval from the State Bank of India for a ₹32 billion (~$360.77 million) loan for its solar and hybrid independent power producer projects in Gujarat. The approval was for fund-based and non-fund-based facilities to part-finance the development of KPI Green’s 250 MW solar and 370 MW hybrid projects in Gujarat.

KPI recently received a work order from Gujarat State Electricity Corporation for the engineering, procurement, and construction (EPC) of a 110 MW floating solar project at the Kadana Dam reservoir in Mahisagar, Gujarat.

In November, the company signed contracts with SJVN for the EPC of a 200 MW solar project at the Gujarat Industries Power Company Renewable Energy Park in Khavda.

In October, KPI Green Energy received a letter of intent from UAE-based FVE Lifecare General Trading  to develop a 600 MW solar plus storage project in India at an estimated cost of ₹10.5 billion (~$119.02 million).