New Delhi, Sept. 30 -- Renewable energy company KPI Green Energy Ltd has agreed to acquire Riyadh, Saudi Arabia-based Alfanar Group's Indian wind power portfolio for an enterprise value of Rs 2,410 crore ($251 million).
The proposed all-cash deal covers a 100% equity stake in Alfanar Energy Pvt Ltd (AEPL) and Netra Wind Pvt Ltd (NWPL), Surat, Gujarat-based KPI Green said in a statement. Together, the operational assets comprise 507.9 MW of capacity in Bhuj, Gujarat, valuing the portfolio at approximately Rs 4.75 crore per megawatt.
The acquisition is slated for completion on or before February 28, 2027, the Mumbai-listed company said.
AEPL, incorporated in 2016, reported FY25 revenue of Rs 168.47 crore, down from Rs 189.18 crore in FY24. Netra Wind, incorporated in 2018, saw FY25 revenue climb to Rs 108.98 crore from Rs 67.06 crore in FY24, after having had no operational turnover in FY23. Based on their combined FY25 revenue of Rs 277.45 crore, the deal values the target entities at an enterprise value multiple of roughly 8.7 times.
The move significantly expands the clean energy footprint of Surat-based KP Group's flagship firm. KPI Green currently manages a total portfolio of 6.94 GW-including 1.87 GW in operation and 5.07 GW under development, led by its massive 2,022 MWp solar project in Khavda, Kutch. The acquisition directly supports the company's broader target of surpassing 10 GW in total capacity by 2030, bolstered by recent debt backing such as a Rs 979 crore loan sanctioned by Canara Bank for a 150 MW wind project in Gujarat.
Alfanar Group entered India's renewable sector in 2021 by acquiring wind turbine manufacturer Senvion India. Netra Wind previously raised Rs 1,630 crore in project debt from L&T Finance in 2022 to fund its Kutch installations. In November 2025, Senvion India and KP Group entities signed a framework agreement to jointly develop up to 2,000 MW of wind and hybrid capacity across India over three years.
Alfanar's entry into India's clean energy market began with a 300 MW Solar Energy Corp of India (SECI) Tranche III wind project in Bhuj, commissioned in April 2021.
Its second SECI project, held under Netra Wind, achieved financial closure in March 2022 after securing roughly Rs 1,630 crore in senior debt from L&T Finance.
Parallel to its asset development, the Saudi conglomerate expanded into manufacturing by acquiring Senvion India in July 2021 through its investment vehicle, Global Renewable Energy Development Holding Co.
Last month, Alfanar committed an additional $100 million in direct funding to scale Senvion's engineering, construction, maintenance, and manufacturing capabilities in India and overseas markets.
Published by HT Digital Content Services with permission from VC Circle.