Binding Offer Signed to Acquire 507.9 MW Operational Wind Capacity in Gujarat for ~₹2,410 crore

Signed a binding offer to acquire 100% equity of Alfanar Energy (301.4 MW) and Netra Wind (206.5 MW) — 507.9 MW operational wind at Bhuj, Kutch — at an enterprise value of about ₹2,410 crore.

Wed 30 Sep 2026

Capacity being acquired

507.9 MW operational wind (Alfanar Energy 301.4 MW + Netra Wind 206.5 MW)

Enterprise value

₹2,410 crore

Current IPP capacity

1.16 GW

Pro forma IPP capacity post-acquisition

~1.67 GW

Expected closing date

28 February 2027

What was announced

KPI Green Energy 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.

• Combined capacity: 507.9 MW of operational wind projects at Bhuj, Kutch wind corridor, Gujarat
• AEPL: 301.4 MW; NWPL: 206.5 MW
• Power sold to Solar Energy Corporation of India (SECI), a Government of India enterprise, under 25-year power purchase agreements
• AEPL commissioned in March 2021, NWPL in March 2024; approximately 21 years of remaining contracted life on a capacity-weighted basis

Scale impact

On completion, installed IPP capacity would increase from 1.16 GW to approximately 1.67 GW. The company states this positions it to cross 2 GW of installed IPP capacity by the end of the year. The assets are described as fully operational and revenue-generating, adding scale without construction or commissioning risk.

Conditions and timing

Completion is subject to execution of definitive transaction documents and satisfaction or waiver of customary conditions precedent, including lender, contractual and regulatory approvals. The transaction is expected to close by 28 February 2027.

How investors may read it

This is described by the Chairman & Managing Director as the company's first acquisition at this scale and its first in wind. At this stage it is a binding offer, not a completed acquisition, so the outcome depends on definitive documents and approvals being obtained within the stated timeline.

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