The sanctioned amount includes Rs 931 crore as a fresh rupee term loan and Rs 48 crore in the form of a bank guarantee facility, the company said.
The project, which is being developed across Bharuch and Bhavnagar districts, is backed by 25-year long-term power purchase agreements (PPAs) with Gujarat Urja Vikas Nigam (GUVNL), ensuring revenue visibility over the long term.
The total project cost is estimated at Rs 1,241.68 crore and will be funded in a debt–equity ratio of 75:25, with the sanctioned term loan forming the debt component.
The financing comes with a door-to-door tenor of 20 years and one month, including an implementation period of one year and four months and a moratorium of one year, providing long-term financial support for the execution of the project.
The development forms part of KPI Green Energy’s expanding IPP portfolio as it continues to scale up its renewable energy capacity.
Dr. Faruk Patel, chairman & managing director (MD), KPI Green Energy, stated: “This sanction from Canara Bank represents another important milestone in KPI Green Energy’s growth journey. The continued support from leading public sector banks reflects strong confidence in our execution capabilities and long-term vision in the renewable energy sector. Access to long-term project financing remains a critical enabler for scaling clean energy infrastructure and this facility will support the timely development of our wind power project. This facility will help accelerate the growth of our renewable energy portfolio, reinforce stable annuity revenues, and create enduring value for all stakeholders. Upon commissioning, these projects will make a substantial contribution to KP Group’s 10 GW target by 2030”
KPI Green Energy is part of KP Group. They develop, build, own, manage, and maintain renewable power facilities (solar and wind solar hybrid power projects) as an Independent Power Producer (IPP) and as a service provider to Captive Power Producers (CPPs) under the ‘Solarism’ brand. The company’s consolidated net profit jumped 47.73% to Rs 125.80 crore in Q3 FY26, compared with Rs 85.15 crore in Q3 FY25. Total revenue for Q3 FY26 stood at Rs 676 crore, up 45% year-on-year from Rs 466 crore in Q3 FY25. Shares of KPI Green Energy rose 0.08% to currently trade at Rs 383.05 on the BSE.
Canara Bank is a public sector bank in India. As of 31 December 2025, the bank has 10,066 branches, out of which 3,195 are rural, 3,007 semi-urban, 1,980 urban, and 1,884 metro, along with 7,048 ATMs. Bank is also having 4 Overseas Branches in London, New York, Dubai & IBU Gift City Gujrat. The bank reported standalone net profit jumped 25.61% to Rs 5,155.11 crore on a 10.43% increase in total income to Rs 39,880.96 crore in Q3 FY26 over Q3 FY25. The scrip rose 0.48% to Rs 137.15 on the BSE.