The solar arm of KP Group, Sun Drops Energia, will acquire up to 100% of the equity shares in renewable energy solutions provider DEK and Mavericks Green Energy (DMGEL) at a valuation of ₹558 million (~$5.83 million).

Sun Drops Energia will acquire up to 1,70,84,853 equity shares of DMGEL at ₹32.66 (~$0.34) per share.

DMGEL will become a step-down subsidiary of Sun Drops Energia’s parent company, Surat-based renewable energy solutions company KPI Green Energy.

The company said the acquisition is expected to be completed by September 30, 2026, subject to shareholder approval and applicable compliances.

DMGEL provides engineering, procurement, construction, and project development solutions for renewable energy companies. Its services focus primarily on the solar energy sector, including utility-scale ground-mounted solar, commercial and industrial rooftop solar, hybrid power solutions, battery energy storage systems, transmission infrastructure, and operation and maintenance services.

In financial year (FY) 2025-26, DMGEL clocked a turnover of ₹2.14 billion (~$22.38 million) and ₹1.5 billion (~$15.69 million) in FY 2024-25.

In August, Sun Drops Energia was among the winners of Gujarat Urja Vikas Nigam’s (GUVNL) auction to set up 450 MW/900 MWh of battery energy storage systems in the state, with viability gap funding from the power system development fund. The company secured 175 MW/350 MWh of the quoted 410 MW/820 MWh capacity at a tariff of ₹231,990 (~$2,431.51)/MW/month under the bucket-filling method.

In March, KPI Green Energy secured ₹9.79 billion (~$105.99 million) funding from Canara Bank to develop a 150 MW wind power project in Gujarat. The amount comprised a ₹9.31 billion (~$100.81 million) term loan and a ₹480 million (~$5.19 million) bank guarantee facility.

The project is backed by a 25-year power purchase agreement with GUVNL, ensuring revenue visibility and stability. The total project cost is estimated at ₹12.41 billion (~$134.36 million), to be financed in a debt–equity ratio of 75:25, with the sanctioned term loan constituting the debt portion.