KPI Green Energy Lists India’s First Externally Credit-Enhanced Green Bond

Gujarat-based KPI Green Energy has made history by listing India's inaugural externally credit-enhanced green bond on the National Stock Exchange. The ₹670 crore issuance carries an 8.50% annual coupon with quarterly amortization, backed by a 65% guarantee from PIDG's GuarantCo.

The AA+(CE) rated instrument—elevated by GuarantCo's AA-/A1 ratings—marks a watershed moment for sustainable infrastructure financing. Proceeds will fund solar, wind and hybrid projects capable of powering 210,000 users annually while cutting 344,000 tonnes of CO2 emissions.

This transaction demonstrates how multilateral support can de-risk climate investments in emerging markets. The structure has successfully attracted domestic institutional capital previously hesitant about renewable energy debt.