KPI Green Energy Ltd has entered into a binding offer to acquire a 100% stake in Alfanar Energy Private Limited and Netra Wind Private Limited for an enterprise value of ₹2,410 crore. The proposed acquisition will add 507.9 MW of operational wind power capacity to the company’s renewable energy portfolio. The transaction covers wind power assets located in Bhuj, Gujarat, comprising: 301.4 MW wind capacity owned by Alfanar Energy 206.5 MW wind capacity owned by Netra Wind Total capacity: 507.9 MW KPI Green Energy will acquire 100% of the equity and equity-like instruments of both companies. The transaction will be completed through cash consideration. Both wind portfolios have power purchase agreements with the Solar Energy Corporation of India (SECI) for 25 years. The operational status of the projects provides KPI Green Energy with contracted power generation capacity following completion of the acquisition. KPI Green Energy’s installed independent power producer (IPP) capacity currently stands at around 1.16 GW. Following completion of the acquisition, this is expected to increase to approximately 1.67 GW. The company has also stated that the capacity addition supports its objective of crossing 2 GW of installed IPP capacity. The binding offer was executed on September 29, 2026. The transaction remains subject to definitive agreements and applicable lender, contractual, regulatory and other approvals. The company expects the acquisition to be completed on or before February 28, 2027.Acquisition to Add 507.9 MW Wind Capacity
Assets Backed by 25-Year SECI Agreements
The Alfanar Energy projects were commissioned in March 2021, while the Netra Wind projects were commissioned in March 2024. The combined portfolio has around 21 years of remaining contracted life on a capacity-weighted basis.KPI Green Energy’s IPP Capacity to Reach 1.67 GW
Deal Expected to Close by February 2027
Faruk Patel, Chairman and Managing Director of KPI Green Energy, said the acquisition would strengthen the company’s presence in Gujarat’s Kutch wind corridor and add operational assets with long-term contracted cash flows.
About the Acquired Companies
Alfanar Energy was incorporated in 2016 and reported a turnover of ₹168.47 crore in FY2024-25, compared with ₹189.18 crore in FY2023-24.
Netra Wind was incorporated in 2018 and recorded ₹108.98 crore turnover in FY2024-25, up from ₹67.06 crore in FY2023-24.
Conclusion
The proposed ₹2,410-crore acquisition will give KPI Green Energy an additional 507.9 MW of operational wind capacity in Gujarat. With the portfolio backed by long-term SECI power purchase agreements, the transaction is expected to expand the company’s IPP portfolio and take its installed capacity to around 1.67 GW after completion.
FAQs
1. What is KPI Green Energy acquiring?
KPI Green Energy is acquiring 100% stake in Alfanar Energy Private Limited and Netra Wind Private Limited, which together own 507.9 MW of operational wind power assets.
2. What is the value of the acquisition?
The proposed acquisition has an enterprise value of approximately ₹2,410 crore.
3. Where are the acquired wind assets located?
The wind power assets are located in Bhuj, Gujarat.
4. How much capacity will the acquisition add?
The acquisition will add a combined 507.9 MW of wind power capacity, including 301.4 MW from Alfanar Energy and 206.5 MW from Netra Wind.
5. What agreements support the wind projects?
The projects have 25-year power purchase agreements with the Solar Energy Corporation of India (SECI).
6. How will the acquisition affect KPI Green Energy's IPP capacity?
KPI Green Energy's installed IPP capacity is expected to increase from around 1.16 GW to approximately 1.67 GW after the acquisition.
