Sun Drops Energia Ltd, an unlisted subsidiary of renewable-energy developer KPI Green Energy Ltd, has agreed to acquire up to 100% of solar EPC company DEK and Mavericks Green Energy Ltd (DMGEL) in an all-equity share-swap transaction valued at around ₹55.80 crore.
Under the agreement, Sun Drops will acquire up to 1.7 crore equity shares of DMGEL at ₹32.66 per share. Instead of paying cash, Sun Drops will issue up to 15.9 lakh compulsorily convertible preference shares (CCPS) of equivalent value to DMGEL’s existing shareholders.
The transaction is expected to be completed by September 30, subject to the necessary shareholder and regulatory approvals. Once Sun Drops’ ownership crosses 50%, DMGEL will become a step-down subsidiary of KPI Green Energy.
Strengthening Solar EPC Capabilities
The acquisition will bring DMGEL’s engineering and project-execution capabilities further into the KPI Green Energy ecosystem.
Based in Surat, DMGEL was incorporated in 2021 and provides engineering, procurement and construction (EPC) as well as project-development services across several areas, including utility-scale ground-mounted solar, commercial and industrial rooftop solar, hybrid renewable projects, battery energy storage systems (BESS) and transmission infrastructure.
The company has expanded rapidly alongside India’s growing demand for distributed and commercial renewable-energy projects.
DMGEL’s revenue increased significantly from ₹30.62 crore in FY24 to ₹150.04 crore in FY25, before rising further to ₹213.98 crore in FY26.
Why the Acquisition Matters
The transaction reflects a broader trend among Indian renewable-energy companies to bring critical EPC and balance-of-plant capabilities in-house.
By controlling more of the project-development and execution process, renewable developers can potentially reduce dependence on external contractors, manage equipment and construction risks more effectively and accelerate project commissioning.
For Sun Drops Energia, DMGEL’s capabilities could strengthen its ability to execute projects across both independent power producer (IPP) and captive power plant (CPP) segments.
The combination also gives KPI Green Energy access to a larger internal technical platform as demand for solar, hybrid power and energy-storage projects continues to grow.
Related-Party Element
The transaction includes a related-party component because Faruk G. Patel, promoter and managing director of KP Group and a director at Sun Drops, holds an 8.95% stake in DMGEL.
KPI Green Energy said the transaction is being conducted on an arm’s-length basis and is supported by an independent valuation report.
Supporting KP Group’s 10 GW Ambition
The acquisition also fits into KP Group’s broader renewable-energy expansion strategy, which targets 10 GW of renewable-energy capacity by 2030.
With solar projects becoming increasingly integrated with storage, hybrid generation and dedicated transmission infrastructure, having EPC and project-development capabilities within the group could become strategically important.
The deal therefore represents more than a straightforward acquisition: it is an attempt to build a more integrated renewable-energy platform capable of developing, executing and operating clean-energy projects at scale.
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