KPI Green Energy Issues ₹670 Cr Externally Credit-Enhanced Green Bond, India’s First, Backed by GuarantCo

KPI Green Energy Limited has marked a major milestone in India’s renewable energy financing landscape with the launch of the country’s first externally credit-enhanced Green Bond. The ₹670 crore issuance, carrying a coupon rate of 8.5% per annum and a five-year quarterly amortising profile, was celebrated with a bell-ringing ceremony at the National Stock Exchange attended by KPI Green’s CMD Dr. Faruk G. Patel and NSE MD & CEO Ashish Chauhan.

The bond is backed by a 65% guarantee from GuarantCo, part of the Private Infrastructure Development Group, supported by governments of the UK, Switzerland, Australia, Sweden, the Netherlands via FMO, France, and Global Affairs Canada. This guarantee has enabled the bond to secure AA+ (CE) ratings from CRISIL and ICRA, with GuarantCo itself holding AA− (Fitch) and A1 (Moody’s).

Proceeds from the bond will be channelled into expanding KPI Green’s solar, wind, and hybrid power portfolio across India. The projects are expected to provide clean electricity access to around 210,000 people annually and offset approximately 344,000 tonnes of CO₂ emissions each year.

Founded in 2008, KPI Green has already commissioned 1 GW of solar and hybrid projects and holds a pipeline of over 3 GW. Its efforts have saved 2.1 million metric tons of CO₂ to date. Across the wider KP Group, 6 GW of renewable projects have been energized—equivalent to planting 260 million trees. The company is targeting 10 GW by 2030.

“This Green Bond is not just a financial instrument but a step toward a sustainable future,” said Dr. Patel. “Renewable energy is our responsibility to future generations.”