Alfanar to Sell 507.9 MW Gujarat Wind Portfolio to KPI Green

Alfanar Group, through Alfanar Company and Alfanar Power, has accepted a binding offer from KPI Green Energy for the sale of 100 percent of the equity and equity-like instruments of Alfanar Energy and Netra Wind. The two companies own the Bhuj-1 (301.4 MW) and Bhuj-2 (206.5 MW) wind projects in the Kutch wind corridor of Gujarat.

Alfanar's India team developed and built both projects. They supply power to Solar Energy Corporation of India under long-term power purchase agreements. Bhuj-1 was commissioned in 2021 and Bhuj-2 in 2024.

Alfanar will reinvest the proceeds into its 3 GW power generation pipeline in India, supporting the country’s ambition to achieve 500 GW of non-fossil fuel capacity by 2030. The Group remains committed to advancing India’s energy transition through investments in renewable power generation and power infrastructure.

The transaction is subject to definitive transaction documents and customary conditions precedent. The parties will now proceed to execute the definitive transaction documents. Completion is subject to customary conditions precedent, including lender, contractual and regulatory approvals and is expected on or before February 28, 2027.

Jamal Wadi, President, Alfanar Projects, said, "India is one of Alfanar's key strategic markets, and our shareholders have full confidence in it. Our model is to develop, build and operate assets, then recycle that capital into new projects. This transaction does exactly that and positions us to build a bigger and stronger portfolio in India. We look forward to working with KPI Green to complete the transaction."

Mohammad Irfan, Chief Executive Officer, Alfanar Power India, said, "Bhuj-1 and Bhuj-2 show what our India team can deliver at utility scale, and the value they have created reflects the team's hard work and discipline. That same team will now take our pipeline forward and deliver the next phase of our growth in India."

As Alfanar Power moves forward, the focus will remain on reinvesting, scaling and creating long-term impact, transforming the capital, experience and capabilities built through existing assets into new renewable energy opportunities.