KPI Green Energy Lists India’s First Credit-Enhanced Green Bond
POWER & RENEWABLE ENERGY

KPI Green Energy Lists India’s First Credit-Enhanced Green Bond

KPI Green Energy Limited, a leading renewable energy developer and operator based in Gujarat, has successfully listed its inaugural green bond worth Rs 6.7 billion on the National Stock Exchange of India. This landmark issuance represents a major advancement for sustainable finance in the Indian renewables sector.
The five-year bond carries an annual coupon of 8.50 per cent with a quarterly amortisation schedule and benefits from a 65 per cent partial guarantee provided by GuarantCo, part of the Private Infrastructure Development Group funded by the governments of the UK, Switzerland, Australia, Sweden, Netherlands, Canada, and France. GuarantCo holds a Fitch rating of AA− and Moody’s rating of A1. This external credit enhancement enabled an AA+(CE) rating from both CRISIL and ICRA, widening the investor base to include long-term domestic institutions such as infrastructure funds, mutual funds, and insurance companies.
Proceeds from the bond will be deployed to expand KPI Green Energy’s solar, wind, and hybrid projects across India. These new initiatives are expected to provide clean electricity to around 210,000 households and businesses annually while avoiding over 344,000 tonnes of carbon emissions each year. This move accelerates India’s clean energy transition and mobilises Rs 6.7 billion of institutional investment beyond traditional banking channels.
KPI Green Energy has already developed 1 GW of renewable capacity and is progressing towards its 10 GW target by 2030. Its project pipeline exceeding 3 GW positions the company as a leading player in India’s renewable energy expansion.
Dr Faruk G. Patel, Chairman and Managing Director, said: “Issuing India’s first externally credit-enhanced green bond reinforces our commitment to powering communities with sustainable energy while diversifying financing avenues. This milestone sets a benchmark for ESG investment and supports the UN Sustainable Development Goals—SDG 7 (Clean Energy), SDG 8 (Decent Work & Growth), and SDG 13 (Climate Action).”
The transaction establishes a precedent for Indian corporates seeking sustainable capital through innovative credit enhancement mechanisms, signalling strong domestic investor appetite for responsible finance. It positions KPI Green Energy to access new liquidity sources and lays the foundation for future fundraising in both domestic and international green finance markets.

KPI Green Energy Limited, a leading renewable energy developer and operator based in Gujarat, has successfully listed its inaugural green bond worth Rs 6.7 billion on the National Stock Exchange of India. This landmark issuance represents a major advancement for sustainable finance in the Indian renewables sector.The five-year bond carries an annual coupon of 8.50 per cent with a quarterly amortisation schedule and benefits from a 65 per cent partial guarantee provided by GuarantCo, part of the Private Infrastructure Development Group funded by the governments of the UK, Switzerland, Australia, Sweden, Netherlands, Canada, and France. GuarantCo holds a Fitch rating of AA− and Moody’s rating of A1. This external credit enhancement enabled an AA+(CE) rating from both CRISIL and ICRA, widening the investor base to include long-term domestic institutions such as infrastructure funds, mutual funds, and insurance companies.Proceeds from the bond will be deployed to expand KPI Green Energy’s solar, wind, and hybrid projects across India. These new initiatives are expected to provide clean electricity to around 210,000 households and businesses annually while avoiding over 344,000 tonnes of carbon emissions each year. This move accelerates India’s clean energy transition and mobilises Rs 6.7 billion of institutional investment beyond traditional banking channels.KPI Green Energy has already developed 1 GW of renewable capacity and is progressing towards its 10 GW target by 2030. Its project pipeline exceeding 3 GW positions the company as a leading player in India’s renewable energy expansion.Dr Faruk G. Patel, Chairman and Managing Director, said: “Issuing India’s first externally credit-enhanced green bond reinforces our commitment to powering communities with sustainable energy while diversifying financing avenues. This milestone sets a benchmark for ESG investment and supports the UN Sustainable Development Goals—SDG 7 (Clean Energy), SDG 8 (Decent Work & Growth), and SDG 13 (Climate Action).”The transaction establishes a precedent for Indian corporates seeking sustainable capital through innovative credit enhancement mechanisms, signalling strong domestic investor appetite for responsible finance. It positions KPI Green Energy to access new liquidity sources and lays the foundation for future fundraising in both domestic and international green finance markets.

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