The company disclosed it has signed a binding offer to acquire 100% equity of Alfanar Energy Pvt Ltd and Netra Wind Pvt Ltd for an enterprise value of ₹2,410 crore. The combined portfolio offers 507.9 MW of operational wind capacity in Gujarat’s Kutch corridor, with 301.4 MW from AEPL and 206.5 MW from NWPL.
The transaction marks KPI Green’s first wind acquisition and its largest deal to date, positioning it to cross the 2 GW IPP capacity milestone by year‑end. The 21‑year average remaining contract life on the portfolio translates into a predictable revenue stream.
On the day of the filing, KPI Green shares climbed 1.4% to ₹376.4, extending a four‑day winning streak after a 22.5% YTD decline. The uptick follows a ₹2,025 crore EPC order for a 500 MW solar project in Rajasthan, adding further upside to the company’s balance sheet.
The acquisition will be added to KPI Green’s balance sheet as fully operational, revenue‑generating assets, eliminating construction and commissioning risk. The deal is contingent on regulatory and lender approvals, with a projected close by February 28, 2027.
Analysts note that the added capacity will lift KPI Green’s installed IPP capacity from 1.16 GW to 1.67 GW, strengthening its market position in the Kutch corridor and potentially improving margins through long‑term PPA contracts with SECI.
Looking ahead, KPI Green expects the wind deal to enhance free cash flow and support future expansion plans. The company’s guidance for 2026 remains unchanged, with a focus on securing additional EPC contracts and pursuing further acquisitions in the renewable sector.