KPI Green Energy is setting up green hybrid capacities totalling 16.10 MW at Bhavnagar, under the Gujarat hybrid power policy 2018.
The hybrid power project comprises wind and solar capacity to be developed at its Bhungar site in Mahuva at Bhavnagar, Gujarat, the company said in a regulatory filing on Monday.
“The requisite financial closure to the tune of Rs 132 crore has already been achieved from State Bank of India. Further, the company has arranged long-term PPAs in advance with various corporate parties for sale of power generated out of the hybrid power project upon commissioning,” the company said.
The project is scheduled for commissioning in March 2023, it said.
According to industry estimates, to set up every 1 MW of solar capacity, an investment of Rs 4.5 crore is required.