K P I Global Infrastructure announced that the company had earlier availed the financial assistance of Rs. 193.50 from Power Finance Corporation (PFC), New Delhi, towards (i) part financing of 25 MWdc Solar power project; (ii) Refinancing of the existing 15.35 MW de Solar power project; and (iii) Setting up of new 20 MWdc Solar power project developed by the Company under IPP segment at Bharuch, Gujarat, which is now being entirely taken over by State Bank of India (SBI), Surat.
The Company has accepted the sanction letter for the takeover of aforesaid entire financial assistance amounting to Rs. 178 crore received form State Bank of India (SBI), Surat.
It is pertinent to note that the aforementioned financial assistance availed from PFC was at the average interest rate of 11.30% p.a., which shall be substantially reduce to 7.45% p.a. post takeover by SBI. Therefore, the Company shall avai1 immense financial benefit in the Rate of Interest through this financial restructuring.
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