The power producer said that the hybrid power project comprises of wind and solar capacity that would be developed at its Bhungar site in Mahuva at Bhavnagar, Gujarat.

"The requisite financial closure to the tune of Rs 132 crore has already been achieved from State Bank of India," the company said in a statement.

KPI Green further informed that it has arranged long-term power purchase agreements (PPAs) in advance with various corporate parties for sale of power generated out of the hybrid power project upon commissioning. The project is scheduled for commissioning in March 2023.

KPI Green Energy (formerly known as K.P.I. Global Infrastructure) generates and sells solar power under Solarism brand name in India. It develops, builds, owns, operates, and maintains solar power plants as an independent power producer and captive power producer.

The company's consolidated net profit surged to Rs 22.23 crore in the quarter ended June 2022 as against Rs 7.99 crore during the previous quarter ended June 2021. Sales jumped to Rs 122.33 crore in Q1 FY23 from Rs 35.42 crore in Q1 FY22.