KPI Green Energy

Alfanar Energy and Netra Wind own the Bhuj projects in the Kutch corridor. The cash deal lifts KPI Green's independent power capacity from 1.16 GW to about 1.67 GW and is due to close by 28 February 2027.

The plant forms part of a 5,000 MW solar park and must be completed within 12 months of site handover. It follows a 500 MW balance-of-system package from NTPC Renewable at the same location earlier this year.

The energised share is what converts into 25-year contracted annuity revenue, and another 1.41 GWp is still under execution.

Energisation, not order intake, is what turns a renewable order book into billable revenue. The company disclosed the capacity but not the revenue attached to it, so the translation into the quarter's numbers is not yet visible.

Consideration is up to 15,89,781 compulsorily convertible preference shares of Sun Drops rather than cash, subject to Sun Drops shareholder approval. Past 50 percent, DMGEL becomes a step-down subsidiary of KPI Green. Sun Drops is the entity KPI Green has said it intends to list, so settling in Sun Drops paper builds that asset base ahead of the IPO.