Gujarat-based power producer KPI Global has announced Power Finance Corporation Limited (PFC) has sanctioned Rs 107.50 crore loan for its 35 MW solar projects.
Of the approved funding, KPI will use Rs 31.50 crore to refinance its existing 15 MW plant earlier financed by State Bank of India and Rs 76 crore towards setting up a new 20 MW power project at Bharuch in Gujarat.
KPI added 25.762 MW as an independent power producer in the year 2019-20, up 172% from the previous year—taking the cumulative capacity to 40.762 MW. The developer’s cumulative ‘captive mode’ portfolio stood at 6.2 MW.
Under captive power production vertical, KPI Global either sells or leases part of its Solarism Plant’s land for the solar power plant of customers and develops the solar power project on their behalf.
KPI reported the financial year 2019-20 as an extremely exciting one for the company, with its core businesses adding momentum. Its revenue from operations grew 72% to Rs 59.28 crore in 2019-20 from Rs 34.51 crore in 2018-19.
“KPIGIL saw a gradual and steady increase in revenue contribution from its key segment-solar power sale business. When the industry saw slowdown in installation growth leading to lowest growth in solar power generation in past six years, our company registered substantial increase in generation due to addition of 25 MW to our existing portfolio of solar power plant in the third quarter of the FY 2019-20”—read a company statement.
“Our capacity increased by 2.6 times from 15 MW to 40 MW leading to 150% growth in our power generation revenue, which was a major contributor to our overall YoY revenue growth of 72%,” it added.
The developer stated its solar power plant sale segment also showed substantial growth of 52% YoY, registering the highest sales in the sector since the advent of this segment.
“Though we expected further increase in this segment, due to overall pandemic situation in a couple of months of last quarter, our growth momentum slowed marginally, which is expected to cover up in the coming quarters of next financial year,” it said.
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