KPI Green Energy is acquiring a 100% equity stake in Alfanar Energy (AEPL) and Netra Wind (NWPL), giving it access to 507.9 MW of operational wind projects owned by the two companies.

The deal carries an enterprise value of ₹24.1 billion (~$251.12 million).

The acquired portfolio is in the Kutch wind corridor at Bhuj, Gujarat. AEPL holds 301.4 MW of the portfolio and NWPL the remaining 206.5 MW. On completion, KPI Green’s installed power production capacity will rise from 1.16 GW to about 1.67 GW.

Both companies sell power to the Solar Energy Corporation of India, under 25-year power purchase agreements. With AEPL’s projects commissioned in March 2021 and NWPL’s in March 2024, their combined portfolio has approximately 21 years of remaining contracted life on a capacity weighted basis.

The transaction is expected to close by 28 February 2027.

Faruk Patel, Chairman & Managing Director, KPI Green, said the acquisition will strengthen the company’s presence in Gujarat’s Kutch wind corridor and on completion would add a portfolio of revenue-generating assets with long-term contracted cash flows.

The acquisition comes months after KPI Green secured a ₹9.31 billion (~$100.81 million) term loan and a ₹480 million (~$5.19 million) bank guarantee facility from Canara Bank to develop a 150 MW wind power project in Gujarat. The project is being developed across the Bharuch and Bhavnagar districts of Gujarat.

During the second quarter of calendar year 2026, India added 1.3 GW of wind power capacity, down 15% from the previous quarter and 18% from the same period last year, according to Mercom India Research. Wind installations slowed in Q2 2026 as project execution was affected by supply chain constraints and infrastructure bottlenecks rather than weak demand.

Industry participants cited shortages of electrical control systems, delays in transmission evacuation infrastructure and grid readiness, and right-of-way issues for transporting turbine components and building transmission infrastructure as the primary reasons for slower commissioning.