KPI Green Energy shares climb 4% on Rs 2,410 crore wind asset acquisitions

KPI Green Energy Ltd shares rose 4% in Wednesday's trade after the company entered into a binding offer to acquire 100% of the equity and equity-like instruments of Alfanar Energy Private Ltd and Netra Wind Private Ltd.

The proposed acquisitions will add 507.9 MW of wind power capacity to the company's renewable energy portfolio. Alfanar Energy owns a 301.4 MW wind project, while Netra Wind owns a 206.5 MW wind project, with both assets located in Bhuj, Gujarat, according to the company's exchange filing.

KPI Green Energy shares rose as much as 4%, hitting a high of Rs 386.30, compared with the previous close of Rs 371.25.

The proposed transaction has an enterprise value of Rs 2,410 crore and will be carried out through cash consideration. KPI Green Energy said the acquisition is intended to expand and strengthen its renewable energy portfolio through the addition of operating wind power assets.

The transaction is expected to be completed on or before February 28, 2027, subject to the satisfaction or waiver of applicable conditions precedent and execution of definitive transaction documents. It is also subject to the requisite statutory, regulatory and other approvals or consents, as applicable.

KPI Green Energy said the proposed acquisition is not a related-party transaction. Alfanar Energy and Netra Wind are engaged in the renewable energy and wind power generation business in India.

As per the filing, Alfanar Energy reported turnover of Rs 168.47 crore in FY25, compared with Rs 189.18 crore in FY24 and Rs 192.69 crore in FY23. Netra Wind reported turnover of Rs 108.98 crore in FY25, against Rs 67.06 crore in FY24; it was not operational in FY23.