KPI Green Energy NCDs receive final AA+ (CE)/Stable rating from CRISIL

On September 17, 2025, KPI Green Energy Limited announced that CRISIL Ratings Limited converted the provisional rating of its Non-Convertible Debentures (NCDs) to a final CRISIL AA+ (CE)/Stable rating. This applies to ₹670 crore worth of "GREEN BONDS" and follows an initial intimation on August 6, 2025. Concurrently, a provisional rating for ₹30 crore of NCDs was withdrawn as the company does not plan to proceed with their issuance.

The ₹670 crore NCDs are backed by a partial credit guarantee from GuarantCo Ltd, covering 65% of the issuance size, and have a 60-month tenure with quarterly principal and interest repayments. CRISIL's rating rationale, issued on September 15, 2025, highlights the strength of the security structure, including a rolling Debt Service Reserve Account (DSRA) and a security deposit of ₹100 crore.

These debentures are further secured by a first-ranking, exclusive floating charge over receivables and cash inflows from specified revenue-generating Independent Power Producer (IPP) projects totaling 144.7 MW across KPI Green Energy Limited and its wholly-owned subsidiaries, KPIG Energia Pvt Ltd and KPARK Sunbeat Pvt Ltd.