Key Highlights
- Acquirer : KPI Green Energy
- Target Companies : Alfanar Energy and Netra Wind
- Acquisition : 100% equity and equity-like instruments
- Total Capacity : 507.9 MW
- Location : Bhuj, Kutch, Gujarat
- Enterprise Value : ₹2,410 crore
- PPA Counterparty : SECI
- PPA Tenure : 25 years
- Remaining Contracted Life : Approximately 21 years
- Expected KPI Green IPP Capacity : Approximately 1.67 GW after acquisition
- Expected Completion : On or before February 28, 2027
KPI Green Energy has entered into a binding offer to acquire 100% equity and equity-like instruments of Alfanar Energy Private Limited and Netra Wind Private Limited, which together own 507.9 MW of operational wind power assets in Bhuj, Gujarat. The proposed transaction carries an enterprise value of approximately ₹2,410 crore and marks KPI Green Energy’s first major wind acquisition at this scale.
507.9 MW Operational Wind Portfolio
The portfolio comprises 301.4 MW owned by Alfanar Energy and 206.5 MW owned by Netra Wind. Both portfolios are located in Bhuj, Kutch, one of Gujarat’s key renewable energy regions. The Alfanar Energy projects were commissioned in March 2021, while the Netra Wind projects were commissioned in March 2024. Unlike a greenfield renewable project, the acquisition gives KPI Green access to an already operational portfolio with established generation infrastructure.
Long-Term SECI Power Purchase Agreements
A key feature of the transaction is the existing long-term power purchase agreements with the Solar Energy Corporation of India (SECI). The projects have 25-year PPAs, with the combined portfolio having approximately 21 years of remaining contracted life on a capacity-weighted basis.
The existing contracts provide the acquired assets with long-term revenue visibility, while reducing the development and commissioning timeline that would be required for a new wind portfolio.
Read More About Wind Energy :- –NTPC Green Energy Adds 77.67 MW Renewable Capacity in Gujarat
KPI Green Energy’s IPP Capacity to Increase
The acquisition is expected to significantly increase KPI Green Energy’s operating renewable portfolio. Following completion of the transaction, the company’s installed Independent Power Producer (IPP) capacity is expected to rise from approximately 1.16 GW to around 1.67 GW.
KPI Green has also outlined plans to cross 2 GW of installed IPP capacity, supported by its broader renewable energy development and commissioning pipeline.
Acquisition Valuation
The enterprise value of the transaction is approximately ₹2,410 crore, translating to roughly ₹4.75 crore per MW of acquired capacity.
KPI Green has indicated that developing new wind projects can cost approximately ₹7.5–8 crore per MW. The acquisition therefore provides access to a large operating portfolio at a lower headline cost per MW than the company’s cited greenfield development cost.
However, enterprise value includes existing project debt and should not be interpreted as the company’s direct equity investment.
More About Acquisition :- _Aditya Birla Group to Acquire Sprng Energy from Shell for $1.8 Billion
Strategic Expansion into Wind Energy
The acquisition represents an important step in KPI Green Energy’s strategy to expand its renewable IPP portfolio.
The company has been developing a diversified renewable platform across solar, wind and hybrid projects. Adding more than 500 MW of operational wind capacity will increase the contribution of wind generation to its operating portfolio.
The location of the assets in Gujarat also complements KPI Green’s existing renewable energy presence in the state.
Operational Assets Offer Immediate Scale
The acquisition allows KPI Green to expand its operating asset base without waiting for the construction and commissioning of an equivalent greenfield portfolio. The acquired assets already have operating histories, established infrastructure and long-term PPAs. For KPI Green, the transaction can therefore provide additional operating scale while supporting its longer-term objective of building a larger renewable IPP platform.
Transaction Timeline
The proposed acquisition remains subject to the execution of definitive transaction documents and the satisfaction or waiver of applicable conditions precedent, including required lender, contractual and regulatory approvals. The transaction is expected to be completed on or before February 28, 2027, subject to the applicable conditions.
Read Full Story About :- _Premier Energies Commissions 7 GW Solar Cell Plant in Andhra Pradesh