In an exchange filing, KPI Green Energy said, “The company has received a final sanction letter for credit facilities amounting to Rs 686 crore for the development of a 200 MWAC (240 MWDC) solar photovoltaic power project in Khavda, Kutch district.

Further, the company stated that it had earlier raised Rs 300 crore through a qualified institutional placement (QIP), of which Rs 225 crore has been used to partially fund the project.

This financial assistance will play a crucial role in developing the project, with the goal of completing it within the stipulated timeframe, it stated.

“This project will significantly enhance our renewable energy portfolio, supporting our dedication to providing the nation with environmentally friendly and sustainable energy. It will reinforce and expedite our efforts to reach our ambitious goal of 1000 MWp capacity by 2025,” the company stated in the press release.

KPI Green Energy develops and maintains grid connected solar power projects and sells power units generated from the company's solar plants.

The company’s consolidated net profit increased 35.4% to Rs 43.04 crore on 58.6% jump in revenue from operations to Rs 289.36 crore in Q4 FY24 over Q4 FY23.