KPI Green Energy Limited , a prominent player in the renewable energy sector, has taken a significant step towards diversifying its business operations. At the company's 17th Annual General Meeting (AGM) held on September 26, shareholders overwhelmingly approved alterations to the Main Object Clause of the company's Memorandum of Association, paving the way for an expanded business scope.

Expanded Business Scope

The amended clause broadens KPI Green Energy's operational purview to include:

• Establishing, generating, storing, and distributing various forms of electricity and power
• Utilizing multiple sources such as thermal, hydro, nuclear, solar, wind, hybrid, geo-thermal, tidal, and biomass
• Incorporating Battery Energy Storage Systems (BESS) and other energy storage technologies
• Developing and operating associated infrastructure

This strategic move allows the company to engage in manufacturing, trading, joint ventures, partnerships, and other allied activities related to both conventional and renewable energy sources, both in India and abroad.

Shareholder Approval and Voting Results

The resolution to alter the Object Clause received overwhelming support from shareholders. According to the voting results:

This strong backing demonstrates shareholders' confidence in the company's strategic direction and growth plans.

Other Key Resolutions

In addition to the alteration of the Object Clause, several other important resolutions were passed at the AGM:

1. Adoption of audited financial statements for the fiscal year ended March 31
2. Confirmation of interim dividends totaling 12% (₹0.60 per equity share)
3. Declaration of a final dividend of 4% (₹0.20 per equity share)
4. Reappointment of Mr. Mohmed Sohil Yusufbhai Dabhoya as a Director
5. Appointment of M/s Chirag Shah & Associates as Secretarial Auditors for a five-year term
6. Increase in the company's borrowing powers
7. Expansion of limits for selling, leasing, or disposing of company assets
8. Increase in limits for loans and investments

Financial Performance

While specific financial details were not provided, the approval of dividends suggests a positive financial performance for the fiscal year. The total dividend payout of 16% (including interim and final dividends) indicates the company's commitment to shareholder returns.

Looking Ahead

The expansion of KPI Green Energy's business scope positions the company to capitalize on the growing demand for diverse energy solutions. By venturing into various forms of power generation and storage technologies, the company is poised to play a more significant role in India's evolving energy landscape.

As the renewable energy sector continues to grow, KPI Green Energy's strategic diversification could lead to new opportunities for growth and value creation. Investors and industry observers will be keen to see how the company leverages its expanded mandate in the coming years.

KPI Green Energy Limited has achieved a significant milestone in its renewable energy expansion plans, securing substantial financial backing from India's largest public sector bank. The company has obtained a sanction of ₹3,200 crore from the State Bank of India (SBI) to fund its ambitious solar and hybrid independent power producer (IPP) projects in Gujarat, totaling over 1 GWp (Gigawatt peak) capacity.

Project Details

The financing package, which includes both fund-based and non-fund based facilities, will support two major renewable energy projects:

1. A 250 MW (AC) / 350 MWp (DC) Solar Power Project
2. A 370 MW Hybrid Power Project, comprising a 557 MWp solar component and a 124.20 MW wind component

Both projects are strategically located in the Bharuch and Surendranagar districts of Gujarat and are backed by 25-year long-term Power Purchase Agreements (PPAs) with Gujarat Urja Vikas Nigam Limited (GUVNL).

Financial Structure and Strategic Importance

The projects will be financed with a 75:25 debt-equity ratio, demonstrating SBI's confidence in KPI Green Energy's technical expertise, execution track record, and financial strength. The sanctioned funds will be used for:

• Project cost financing
• Reimbursement of incurred expenditure
• Related development expenses

Dr. Faruk Patel, Chairman & Managing Director of KPI Green Energy Limited, commented on the development: "This landmark sanction from the State Bank of India is a strong validation of KPI Green Energy's capabilities and long-term vision. Financing is a critical enabler of large-scale infrastructure, and this partnership empowers us to accelerate capacity addition under India's renewable transition."

Environmental Impact and Future Outlook

Upon commissioning, these projects are expected to make a substantial contribution to KP Group's ambitious target of achieving 10 GW capacity by 2030. The environmental impact is equally significant, with the projects projected to:

• Eliminate over 1.5 million tonnes of CO₂ emissions annually
• Equivalent to planting more than 65 million trees each year

The successful completion of these projects will not only strengthen KPI Green Energy's recurring revenue streams and profitability but also reinforce its position as one of India's fastest-growing renewable energy companies.

About KP Group

Founded in 1994 by Dr. Faruk G. Patel, KP Group has evolved into a multi-faceted conglomerate with core expertise in renewable energy, infrastructure, and innovation. The group has been at the forefront of India's green energy mission, spearheading transformative projects in wind and solar energy over the past three decades.

This latest financial backing from SBI underscores KPI Green Energy's commitment to powering India's clean energy transition and sets new benchmarks in the renewable energy sector.