KPI Green Energy Ltd, an independent power producer and renewable energy developer, has entered into a binding offer to acquire 100% equity in Alfanar Energy Pvt Ltd (AEPL) and Netra Wind Pvt Ltd (NWPL) for an enterprise value of ₹2,410 crore.
AEPL and NWPL own wind power projects with capacities of 301.4 MW and 206.5 MW, respectively, aggregating to 507.9 MW at Bhuj in Gujarat. The acquisition is subject to execution of definitive transaction documents and fulfilment of regulatory approvals.
Deal expected to close by February
The transaction is expected to close by February 2027, subject to completion of the required conditions.
The acquisition would significantly expand KPI Green Energy’s wind portfolio and add operational renewable energy assets to its independent power producer (IPP) platform.
IPP capacity to rise to 1.67 GW
KPI Green’s installed IPP capacity is expected to increase from 1.16 GW to 1.67 GW following completion of the acquisition.
The company said the expanded portfolio would position it to cross 2 GW of installed IPP capacity by the end of the year.
Operational assets add scale
The acquisition would bring fully operational and revenue-generating assets with long-term contracted revenues onto KPI Green Energy’s balance sheet.
The company said the transaction would add scale immediately without the construction and commissioning risks associated with developing new projects.
First acquisition of this scale
“It will be our first acquisition at this scale and our first in wind. 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,” KPI Green Energy, Chairman and Managing Director, Faruk Patel, said.
The transaction marks KPI Green Energy’s entry into large-scale wind asset acquisitions as it expands its renewable energy generation portfolio.