KPI Green Energy Receives Credit Rating Reaffirmation from ICRA Limited for Bank Facilities and NCDs

KPI Green Energy Limited has informed stock exchanges about the reaffirmation of its credit ratings by ICRA Limited for bank facilities and Non-Convertible Debentures (NCDs). The company submitted this disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 on March 25, 2026.

Bank Facilities Rating Reaffirmation

ICRA Limited reaffirmed credit ratings for the company's bank facilities totaling Rs. 5775.00 crore across multiple instruments. The rating actions reflect enhanced amounts for several facilities with outlook revisions from Positive to Stable.

Instrument	Rated Amount (Rs. crore)	Rating Action
Long term – Fund based - Term loan	4009.54	[ICRA]A (Stable); reaffirmed and assigned to enhanced amount; outlook revised from Positive
Long term – Fund based - Cash credit	487.00	[ICRA]A (Stable); reaffirmed and assigned to enhanced amount; outlook revised from Positive
Short term – Working capital demand loan	223.00	[ICRA]A2+; reaffirmed and assigned to enhanced amount
Short term – Vendor bill discounting	50.00	[ICRA]A2+; assigned
Short term – Non-fund based - Bank guarantee	988.00	[ICRA]A2+; reaffirmed and assigned to enhanced amount
Short term – CEL	16.00	[ICRA]A2+; reaffirmed
Long term/Short term - Unallocated limits	1.46	[ICRA]A (Stable)/ [ICRA]A2+; reaffirmed; outlook revised from Positive
Total	5775.00

Non-Convertible Debentures Rating

The rating agency also reaffirmed the credit rating for the company's Non-Convertible Debentures, which benefit from explicit credit enhancement. The NCDs carry a higher rating due to this credit enhancement structure.

Instrument	Rated Amount (Rs. crore)	Rating Action
Non-convertible debentures (NCD)	643.20	[ICRA]AA+ (CE) (Stable); reaffirmed
Total	643.20
Rating Without Explicit Credit Enhancement		[ICRA]A

Rating Methodology and Outlook

The rating reaffirmation comes with specific changes in outlook for long-term facilities. The outlook has been revised from Positive to Stable across long-term instruments, indicating a stabilization in the rating agency's assessment. The CE (Credit Enhancement) designation for NCDs reflects the specific structure and terms of these instruments, which provide additional security to investors.

ICRA noted that Rs. 26.80 crore worth of NCDs have been redeemed from the original Rs. 670.0 crore issuance. The rating agency emphasized that CE ratings are specific to the rated issue and do not represent their opinion on the general credit quality of the issuer.

Regulatory Compliance

The company has fulfilled its disclosure obligations by informing both BSE Limited and National Stock Exchange of India Limited about the rating reaffirmation. This transparency ensures that investors and stakeholders remain informed about the company's credit profile and financial standing as assessed by the rating agency.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+10.39%	+8.31%	+0.40%	-11.57%	-5.90%	+2,653.55%

KPI Green Energy has achieved a significant milestone by surpassing 1 GW of energized Independent Power Producer (IPP) capacity from its total 2.3 GW IPP portfolio, as announced in a regulatory filing under Regulation 30 of SEBI regulations. The company has demonstrated remarkable growth trajectory, achieving approximately 18x growth over five years since FY21, when the energized capacity stood at just 58 MW.

Growth Trajectory and Strategic Milestones

The company's IPP portfolio expansion represents substantial progress in renewable energy capacity development. KPI Green Energy has successfully energized over 1 GW from its utility-scale renewable energy assets under long-term Power Purchase Agreements (PPAs), with strong momentum in FY26 featuring substantial capacity additions and multiple projects commissioned ahead of schedule.

Growth Metrics	Details
Current Energized Capacity	Over 1 GW
Total IPP Portfolio	2.3 GW
FY21 Energized Capacity	58 MW
Growth Multiple	~18x over 5 years
Target Capacity by 2030	10 GW

Project Portfolio and Operational Excellence

The company has achieved several operational milestones across its project portfolio with disciplined execution. Recent developments include the successful commissioning of the 200 MW/240 MWP Khavda Solar IPP Project at Khavda Solar Park, making it among the earliest projects operational within the 1.8 GW solar park developed by GSECL. The company has also made progress on hybrid renewable projects and GUVNL solar initiatives.

Key Projects	Capacity	Current Status
Khavda Solar Project	200 MW/240 MWP	Commissioned
Hybrid Renewable Project	50 MW/92 MWP	Commissioned Early
GUVNL Solar Project	250 MW/350 MWP	Partially Energized
GUVNL Hybrid Project	370 MW/677 MWP	Partially Energized

Financial Backing and Strategic Vision

KP Group has achieved financial closure across its active IPP pipeline, backed by leading institutional lenders, demonstrating strong investor confidence and highlighting the resilience and bankability of its IPP-focused business model. The company remains firmly focused on scaling its power generation portfolio as a core value driver and is progressing ahead of schedule toward its vision of achieving 10 GW total capacity by 2030 across both IPP and CPP portfolios.

Leadership Commentary and Future Outlook

Commenting on the milestone, Dr. Faruk Patel, Founding Promoter KP Group, stated that crossing the 1 GW energized capacity milestone represents a defining moment in KP Group's journey. The consistent focus on building a scalable and high-quality IPP platform, backed by disciplined execution, has enabled strong growth pace. The company remains committed to accelerating growth and is well on track to achieve the 10 GW vision by 2030 across IPP and CPP portfolios while creating long-term value for stakeholders.