KPI Green Energy has entered a binding offer to acquire 100% stakes in Alfanar Energy and Netra Wind for ₹2,410 crore, adding 507.9 MW of operational wind power capacity to its renewable energy portfolio.

The acquisition targets two entities located in the Kutch wind corridor at Bhuj, Gujarat. Upon completion, the transaction will bring fully operational, revenue-generating assets with long-term contracted revenues onto the company's balance sheet, adding scale immediately without construction or commissioning risk.

Acquisition details

The transaction involves the full acquisition of Alfanar Energy Private Limited (AEPL) and Netra Wind Private Limited (NWPL), with the combined deal valued at an enterprise value of approximately ₹2,410 crore. The acquired assets will contribute 507.9 MW of wind power capacity, strengthening KPI Green Energy's presence in the renewable energy segment.

The acquisition marks a significant step for KPI Green Energy in expanding its wind power footprint. The addition of 507.9 MW through this deal represents a consolidation of wind generation assets under its renewable energy portfolio.

Portfolio composition and revenue visibility

The 507.9 MW capacity is split between the two target entities: 301.4 MW held by AEPL and 206.5 MW by NWPL. Both portfolios sell power to the Solar Energy Corporation of India (SECI), a Government of India enterprise, under 25-year power purchase agreements. AEPL was commissioned in March 2021, while NWPL was commissioned in March 2024. On a capacity-weighted basis, the combined portfolio has approximately 21 years of remaining contracted life, providing long-term cash flow stability.

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

Impact on installed capacity

Upon completion, KPI Green Energy's installed independent power producer (IPP) capacity will increase from 1.16 GW to approximately 1.67 GW. This addition positions the company to cross 2 GW of installed IPP capacity by the end of the year. Dr. Faruk Patel, Chairman & Managing Director, described the move as a defining moment, noting it is the company's first acquisition at this scale and its first in wind energy.

What the Numbers Show

The acquisition shifts KPI Green Energy's growth strategy from pure development to asset consolidation. By acquiring operational assets with ~21 years of remaining contracted life, the company bypasses the typical 18-24 month development cycle and associated execution risks. The jump from 1.16 GW to 1.67 GW represents a ~44% increase in installed IPP capacity in a single transaction, significantly accelerating the path to its 2 GW target. Furthermore, the reliance on SECI contracts ensures sovereign-backed revenue visibility, reducing counterparty risk compared to merchant power sales.

KPI Green Energy Limited shareholders approved all nine resolutions proposed at its 18th Annual General Meeting held on September 29, 2026. The meeting, conducted via video conferencing, saw a voting participation rate of 62.17% across all items.

The agenda included the adoption of audited standalone and consolidated financial statements for FY26, alongside the confirmation of interim dividends paid during the year. Shareholders also ratified the declaration of the final dividend for the fiscal year ended March 31, 2026.

Board and Audit Appointments

The meeting addressed key governance changes, including the reappointment of directors and the appointment of statutory auditors. Mrs. Bhadrabala Dhimantrai Joshi was reappointed as a director in place of herself, retiring by rotation. Mr. Sharadchandra Patil was reappointed as a non-executive independent director for a second term of five years via a special resolution. Prof. Sunil Kumar Maheshwari was appointed as a non-executive non-independent director designated as Vice Chairman.

M S K C & Associates LLP was appointed as the Statutory Auditors of the company. The remuneration for the cost auditor was also ratified by the shareholders.

Remuneration and Dividend Approval

A special resolution to approve the payment of remuneration to Non-Executive Directors, including Independent Directors, received significant support but faced notable opposition from institutional investors. Interim dividends declared during FY26 were confirmed, and the final dividend proposal was adopted.

Voting Process Details

Pursuant to Section 108 of the Companies Act, 2013 and Regulation 44 of the SEBI Listing Regulations, shareholders utilized an electronic voting system provided by CDSL. The remote e-voting period opened on September 26, 2026, at 9:00 am and concluded on September 28, 2026, at 5:00 pm. Shareholders present at the meeting via video conferencing who had not previously voted were also provided with an e-voting facility during the session.

What the Numbers Show

While promoters voted unanimously in favor of all resolutions, institutional investors displayed divergent voting patterns on governance matters. For Resolution 8 (Non-Executive Director remuneration), institutions cast 86.17% of their votes against the proposal, contributing to an overall opposition rate of 7.42%. In contrast, public non-institutional investors supported this resolution with 99.98% in favor. Similarly, on the reappointment of Mr. Sharadchandra Patil (Resolution 6), institutions opposed with 6.96% against, while non-institutional public shareholders remained overwhelmingly supportive at 99.99% in favor. This highlights a clear split between institutional and retail sentiment regarding specific board-level decisions.

Voting Summary