Renewable energy company KPI Green Energy Ltd has agreed to acquire the Indian wind power portfolio of Riyadh, Saudi Arabia-based Alfanar Group for an enterprise value of USD 251 million.

Deal Overview

The proposed all-cash transaction covers a 100% equity stake in Alfanar Energy Pvt Ltd (AEPL) and Netra Wind Pvt Ltd (NWPL), according to a statement from the Surat, Gujarat-based company.

The operational assets together comprise 507.9 MW of capacity located in Bhuj, Gujarat, valuing the portfolio at approximately USD 495,000 per megawatt. The acquisition is slated for completion on or before February 28, 2027.

Target Financials

AEPL, incorporated in 2016, reported FY25 revenue of USD 17.56 million, down from USD 19.72 million in FY24. Netra Wind, incorporated in 2018, saw its FY25 revenue climb to USD 11.36 million from USD 6.99 million in FY24, after having had no operational turnover in FY23.

Based on the two entities' combined FY25 revenue of USD 28.93 million, the deal values the target companies at an enterprise value multiple of roughly 8.7 times.

Strategic Rationale for KPI Green

The transaction 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 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. The deal comes bolstered by recent debt backing, including a 102.1 million loan sanctioned by Canara Bank for a 150 MW wind project in Gujarat.

Alfanar's India Journey

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 170 million in senior debt from L&T Finance, which funded the company's Kutch installations.

Parallel to its asset development, the Saudi conglomerate expanded into manufacturing by acquiring wind turbine manufacturer Senvion India in July 2021 through its investment vehicle, Global Renewable Energy Development Holding Co.

Last month, Alfanar committed an additional USD 100 million in direct funding to scale Senvion's engineering, construction, maintenance, and manufacturing capabilities in India and overseas markets.

Prior Ties Between the Parties

The companies already share a commercial relationship. 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.

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