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KPI Green Energy to Acquire 507.9 MW Wind Portfolio for INR 2,410 Crore

KPI Green Energy has signed a binding offer to acquire 100 percent of Alfanar Energy and Netra Wind for an enterprise value of INR 2,410 crore, adding 507.9 MW of operational, SECI-contracted wind capacity in Gujarat’s Kutch corridor.

September 30, 2026. By Mrinmoy Dey

KPI Green Energy has announced that it has signed a binding offer to acquire 100 percent of the equity of Alfanar Energy (AEPL) and Netra Wind (NWPL), at an enterprise value of approximately INR 2,410 crore. Together, the two companies own 507.9 MW of operational wind projects at Bhuj, in Gujarat's Kutch wind corridor.

The transaction marks a significant step-up in KPI Green's wind presence. Upon completion, it will bring fully operational, revenue-generating assets with long-term contracted revenues onto the company's balance sheet, adding scale immediately without construction or commissioning risk, the company stated.

The combined portfolio has an operational wind capacity of 507.9 MW, comprising 301.4 MW held by AEPL and 206.5 MW by NWPL, located in the Kutch wind corridor at Bhuj. Both portfolios supply power to the Solar Energy Corporation of India (SECI) under 25-year power purchase agreements (PPAs). With AEPL commissioned in March 2021 and NWPL in March 2024, the combined portfolio has approximately 21 years of remaining contracted life on a capacity-weighted basis, KPI Green Energy stated.

Commenting on the development, Dr. Faruk Patel, Chairman and Managing Director, KPI Green Energy, said, “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.”

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

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, the company stated.

Tags:

Wind project acquisition

Wind projects in Gujarat

KPI Green Renewable Portfolio

Dr. Faruk Patel