KPI Green Energy jumps 5% on securing ₹686 crore credit facility for Gujarat Project

In an exchange filing on June 27, the company said it had received a final sanction letter of ₹686 crore for credit facilities for developing a 200 MWAC (240 MWDC) Solar Photovoltaic Power Project in Khavda, Gujarat.

KPI Green Energy had previously raised ₹300 crore through a Qualified Institutional Placement (QIP) out of which ₹225 crore was used to fund the project, the filing read.

The power generation company added that the financial assistance it has availed will help in the development of the project within the stipulated time frame.

KPI Green Energy claimed that the project will reinforce and expedite its efforts to achieve its goal of generating 1000 MWp capacity by 2025.

Shares of KPI Green Energy opened the session at ₹1753, up by 2% from the previous closing of ₹1718.95, and gained further to hit the day's high.

Earlier on May 23, the company informed the exchanges that it had approved a stock split of equity shares. It said that one equity share with a face value of ₹10 will be split into 2 equity shares with a face value of ₹5 each. The company’s stock will be split in a 1:2 ratio.

KPI Green Energy Limited, part of the KP Group, is engaged in solar and hybrid energy generation. The company is based in Gujarat and was incorporated in February 2008. KPI Green Energy develops, builds, owns, operates and maintains solar and hybrid power plants as an Independent Power Producer (IPP) and as a service provider to Captive Power Producers (CPP) under the brand name 'Solarism'.