KPI Green Energy shares rose around 4% on Wednesday, 30 September, before slipping into the red zone. The company announced that it has signed a binding offer to acquire 100% equity in Alfanar Energy Private Limited (AEPL) and Netra Wind Private Limited (NWPL) at an enterprise value of approximately ₹2,410 crore.
Together, AEPL and NWPL own 507.9 MW of operational wind projects at Bhuj in Gujarat’s Kutch wind corridor. Upon completion, the acquisition will significantly expand KPI Green Energy’s wind portfolio and add operational, revenue-generating assets to its balance sheet, without construction or commissioning risks.
The portfolio comprises 301.4 MW held by AEPL and 206.5 MW by NWPL. Both companies sell power to the Solar Energy Corporation of India (SECI) under 25-year power purchase agreements.
AEPL’s projects were commissioned in March 2021, while NWPL’s projects were commissioned in March 2024. The combined portfolio has approximately 21 years of remaining contracted life on a capacity-weighted basis, providing KPI Green with long-term contracted revenues.
Upon completion of the acquisition, KPI Green’s installed IPP capacity is expected to increase from 1.16 GW to around 1.67 GW. The addition would also put the company on track to cross 2 GW of installed IPP capacity by the end of the year.
The transaction remains subject to the execution of definitive agreements and customary conditions precedent, including lender, contractual and regulatory approvals. The deal is expected to close by 28 February 2027.
‘Defining moment for KPI Green’: Dr Faruk Patel
Dr Faruk Patel, Chairman and Managing Director of KPI Green Energy, said the acquisition marks the company’s first acquisition at this scale and its first in the wind segment.
He said the transaction, upon completion, will bring 507.9 MW of operational, SECI-contracted capacity onto KPI Green’s platform from day one, strengthening its presence in Gujarat’s Kutch wind corridor.
Patel added that the acquisition will bring a portfolio of revenue-generating assets with long-term contracted cash flows, marking an important milestone as KPI Green continues to expand its own portfolio as a long-term developer and independent power producer.
KPI Green Energy share price today
KPI Green Energy share price today opened at ₹382.80 apiece on the BSE, the stock touched an intraday high of ₹386.30 apiece, and an intraday low of ₹363.50 per share.
Sunny Agrawal, Deputy Vice President – Fundamental Research at SBI Securities, said the brokerage remains positive on KPI Green Energy and has set a target price of ₹426. He highlighted the company’s robust ₹5,000 crore CPP order book and 1.6 GW of unexecuted IPP pipeline as of June 2026 as key growth drivers.
Agrawal added that the stock’s valuation remains attractive, supported by the increasing contribution of high-margin IPP revenues, which is expected to drive profitability. He also said KPI Green is well-positioned to benefit from India’s strong renewable energy growth prospects and supportive government policies.
Rajesh Bhosale, Technical Analyst at My Advisor Alpha, said the stock has entered a resistance zone after a sharp rally from around ₹280. He identified the ₹390– ₹400 zone, where the 200-day SMA is placed, as a stiff hurdle that could lead to some consolidation. On the downside, Bhosale said ₹350 is an important support level.
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