The proposed Rs.2,410-crore acquisition would take KPI Green Energy’s installed IPP capacity to approximately 1.67 GW, with the transaction expected to close by February 28, 2027, subject to approvals.
KPI Green Energy Limited has signed a binding offer to acquire 100% equity in Alfanar Energy Private Limited (AEPL) and Netra Wind Private Limited (NWPL) at an enterprise value of approximately Rs.2,410 crore. The two companies together own 507.9 MW of operational wind projects at Bhuj in Gujarat’s Kutch wind corridor.
The proposed acquisition comprises 301.4 MW held by AEPL and 206.5 MW held by NWPL. Both portfolios sell power to the Solar Energy Corporation of India (SECI) under 25-year power purchase agreements. AEPL was commissioned in March 2021, while NWPL was commissioned in March 2024. The combined portfolio has approximately 21 years of remaining contracted life on a capacity-weighted basis.
If completed, the transaction would increase KPI Green Energy’s installed independent power producer (IPP) capacity from 1.16 GW to approximately 1.67 GW, through the addition of 507.9 MW of operational wind capacity. The company said this would position it to cross 2 GW of installed IPP capacity by the end of the year.
Completion of the transaction is subject to execution of definitive transaction documents and the satisfaction or waiver of customary conditions precedent, including lender, contractual and regulatory approvals. The transaction is expected to close by February 28, 2027.
Dr. Faruk Patel, Chairman & Managing Director, said, “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. The acquisition strengthens our presence in Gujarat’s Kutch wind corridor and upon completion, adds a portfolio of revenue-generating assets with long-term contracted cash flows. As we continue to build our own portfolio as a long-term developer and independent power producer, this transaction marks an important milestone in our growth journey.”
Established in 1994 by Dr. Faruk G. Patel, KP Group is a business group with operations in renewable energy, infrastructure and related areas. Its activities include wind, solar, hybrid energy, Battery Energy Storage Systems (BESS) and green hydrogen. The group has developed renewable energy projects over the past three decades and is involved in projects related to India’s energy transition.
