Transaction Overview

KPI Green Energy Limited has signed a binding offer to acquire 100% of the equity of Alfanar Energy Private Limited (AEPL) and Netra Wind Private Limited (NWPL) at an enterprise value of approximately ₹2,410 crore. The two target companies together own 507.9 MW of operational wind projects located at Bhuj, in Gujarat's Kutch wind corridor.

Capacity Details

The acquisition includes:

  • 301.4 MW of operational wind capacity held by Alfanar Energy Private Limited (AEPL)
  • 206.5 MW of operational wind capacity held by Netra Wind Private Limited (NWPL)
  • Total operational capacity: 507.9 MW

Revenue and Contract Details

Both portfolios sell power to Solar Energy Corporation of India (SECI), a Government of India enterprise, under 25-year power purchase agreements. The combined portfolio has approximately 21 years of remaining contracted life on a capacity-weighted basis. AEPL was commissioned in March 2021 and NWPL was commissioned in March 2024.

Strategic Impact on Capacity

Upon completion, KPI Green's installed IPP capacity will increase from 1.16 GW to approximately 1.67 GW. The addition of 507.9 MW of operational wind capacity positions the company to cross 2 GW of installed IPP capacity by the end of the year.

Transaction Timeline and Conditions

Completion is subject to the 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.

Management Commentary

Dr. Faruk Patel, Chairman & Managing Director, stated: "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."

Company Background

KP Group was established in 1994 by Dr. Faruk G. Patel and has grown into a multi-faceted conglomerate with core expertise in renewable energy, infrastructure, and innovation. The group has championed sustainability through transformative projects in wind, solar, hybrid energy, Battery Energy Storage System (BESS) and green hydrogen.