KPI Green Energy Limited has entered into a binding offer to acquire 100% of the equity and equity-like instruments of Alfanar Energy Private Limited (AEPL) and Netra Wind Private Limited (NWPL) for an enterprise value of approximately ₹2,410 crore.
The proposed acquisition will add 507.9 MW of operational wind power capacity to KPI Green Energy’s portfolio. AEPL owns 301.4 MW of wind capacity, while NWPL holds 206.5 MW. The assets are located in Bhuj, Gujarat, within the Kutch wind corridor.
Both portfolios are operational and revenue-generating, with long-term Power Purchase Agreements (PPAs) signed with the Solar Energy Corporation of India (SECI). The AEPL projects were commissioned in March 2021, while the NWPL projects were commissioned in March 2024. The combined portfolio has approximately 21 years of remaining contracted life on a capacity-weighted basis.
The acquisition represents KPI Green Energy’s first large-scale acquisition in the wind energy segment. Upon completion, the company’s installed Independent Power Producer (IPP) capacity is expected to increase from approximately 1.16 GW to around 1.67 GW. KPI Green Energy expects to cross 2 GW of installed IPP capacity by the end of 2026.
The transaction remains subject to the execution of definitive agreements and customary conditions precedent, including lender, contractual and regulatory approvals. The transaction is expected to be completed by February 28, 2027.
According to KPI Green Energy, the acquisition will strengthen its presence in Gujarat’s Kutch wind corridor and expand its portfolio of operational renewable energy assets backed by long-term contracted revenues.
The move comes as KPI Green Energy continues to expand its renewable energy portfolio across solar, wind and hybrid projects. The company recently secured a ₹2,025 crore turnkey order for a 500 MW/550 MWp solar PV project in Rajasthan, further adding to its project pipeline.
