KPI Green Energy Limited has signed a binding offer to acquire 100% of the equity in Alfanar Energy Private Limited (AEPL) and Netra Wind Private Limited (NWPL), which together own 507.9 MW of operational wind power capacity in Bhuj, Gujarat. The proposed acquisition has an enterprise value of approximately ₹2,410 crore.
The two companies operate wind projects in the Kutch wind corridor, with AEPL holding 301.4 MW and NWPL owning 206.5 MW. The transaction would expand KPI Green Energy’s independent power producer (IPP) portfolio and add operating assets that are already generating revenue.
Both portfolios sell electricity to the Solar Energy Corporation of India (SECI), a Government of India enterprise, under 25-year power purchase agreements. AEPL’s projects were commissioned in March 2021, while NWPL’s projects entered operation in March 2024. The combined portfolio has approximately 21 years of remaining contracted life on a capacity-weighted basis.
KPI Green Energy said the acquisition would increase its installed IPP capacity from 1.16 GW to approximately 1.67 GW upon completion. The additional wind capacity would also support the company’s target of crossing 2 GW of installed IPP capacity by the end of 2026.
The acquisition would mark KPI Green Energy’s first transaction of this scale and its first major entry into wind power through an acquisition. By adding operational projects, the company would expand its generation portfolio without taking on the construction and commissioning risks associated with developing new capacity.
Commenting on the proposed transaction, Dr Faruk Patel, Chairman and Managing Director of KPI Green Energy, said it was an important development for the company. “This is a defining moment for KPI Green. It will be our first acquisition at this scale and our first in wind, and upon completion bringing 507.9 MW of operational, SECI-contracted capacity onto our platform from day one,” Dr Patel said. He added that the assets would strengthen the company’s presence in Gujarat’s Kutch wind corridor and provide long-term contracted cash flows. He said the transaction was an important step as KPI Green continued to develop its portfolio as a long-term developer and independent power producer.
Completion of the acquisition is subject to the execution of definitive transaction documents and the fulfilment or waiver of customary conditions. These include lender, contractual and regulatory approvals. The company expects the transaction to close by February 28, 2027. Following completion, the acquired projects would add 507.9 MW of operational wind capacity to KPI Green Energy’s portfolio, increasing its scale in renewable power generation and broadening its technology mix beyond its existing operations.
