KPI Green Energy Limited has secured a sanction of Rs 9.79 billion (bn) from Canara Bank, comprising Rs 9.31 bn in a fresh rupee term loan and Rs 0.48 bn in bank guarantee support to finance the development of its 150 megawatt (MW) wind power project in Gujarat as an independent power producer.

The project, backed by 25-year long-term power purchase agreements with Gujarat Urja Vikas Nigam Limited (GUVNL), is being developed in Bharuch and Bhavnagar districts and forms part of the company's growing IPP portfolio. The funding will underwrite construction and initial operation phases.

The total project cost is estimated at Rs 12.42 bn and is proposed to be funded at a debt to equity ratio of 75:25, with the sanctioned term loan constituting the debt component of the financing. The facility carries a door-to-door tenor of 20 years and one month, including an implementation period of one year four months and a moratorium period of one year. This structure provides long-term financial support for project development and implementation.

Company leadership said the sanction represents an important milestone and reflects strong confidence in the group's execution capabilities and long-term strategy in the renewable energy sector. Access to long-term project financing was identified as a critical enabler for scaling clean energy infrastructure and the facility is expected to support timely project delivery. The investment will be used to accelerate growth of the renewable energy portfolio and to reinforce stable annuity revenues.

Upon commissioning, the projects will contribute to KP Group's 10 GW target by 2030 and will advance the group's efforts in wind, solar, hybrid energy, battery energy storage systems and green hydrogen. Established in 1994 by Dr Faruk G. Patel, the group has developed a diversified portfolio and a reputation as a partner for organisations seeking to reduce carbon footprints. The company said it remains committed to India's energy transition and to creating enduring value for stakeholders.