KPI Green Energy to acquire 507.9 MW operational wind assets in Gujarat for Rs 2,410 crore

Mumbai: KPI Green Energy has signed a binding offer to acquire 100% equity in Alfanar Energy Pvt Ltd (AEPL) and Netra Wind Pvt Ltd (NWPL), which together own 507.9 MW of operational wind capacity in Gujarat, for an enterprise value of approximately ₹2,410 crore.

The acquisition will be KPI Green Energy’s first wind acquisition and its first acquisition at this scale, according to the company. The assets are located in Bhuj in Gujarat’s Kutch wind corridor and are already operational and revenue generating.

Also Read: CESC arm Purvah Green Power signs agreement with Prism Johnson Ltd to develop 49.5 MW wind project


AEPL owns 301.4 MW while NWPL holds 206.5 MW of the combined capacity. Both portfolios have power purchase agreements with the Solar Energy Corporation of India (SECI) for 25 years.

AEPL’s projects were commissioned in March 2021, while NWPL’s projects were commissioned in March 2024. The combined portfolio has about 21 years of remaining contracted life on a capacity-weighted basis, providing KPI Green with long-term contracted revenues.

Also Read: Inox Wind bags Rs 755-crore turnkey project from Indian Oil Corporation

On completion of the transaction, KPI Green’s installed independent power producer capacity will rise from 1.16 GW to about 1.67 GW, with the addition of the 507.9 MW wind portfolio. The company expects to cross 2 GW of installed IPP capacity by the end of the year.

The transaction is subject to execution of definitive agreements and customary conditions precedent, including lender, contractual and regulatory approvals. The deal is expected to close by February 28, 2027.

"This is a defining moment for KPI Green. It will be our first acquisition at this scale and our first in wind," said Faruk Patel, chairman and managing director, KPI Green Energy.

He 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 to its portfolio.

KPI Green’s scrip was trading at Rs 363.50, down 2.09% on the BSE at 2.52 pm.