Sun Drops Energia to acquire DEK and Mavericks Green Energy via share swap

Sun Drops Energia Limited has approved acquiring complete ownership of DEK and Mavericks Green Energy (DMGEL) for INR 558 million through a preference share swap. The transaction strengthens internal engineering, procurement and construction capabilities to support portfolio expansion across renewable power segments.

Sun Drops Energia Limited, a subsidiary of India-based renewable power developer KPI Green Energy Limited, has approved a proposal to acquire up to 100 percent of DEK and Mavericks Green Energy Limited (DMGEL). The transaction values the target business at INR 558 million. Under the structured share-swap agreement, the acquirer will purchase up to 17,084,853 equity shares of the target entity at INR 32.66 per share by issuing up to 1,589,781 Compulsorily Convertible Preference Shares to existing shareholders. Upon securing a minimum 50 percent equity stake, the target company will transition into a step-down subsidiary of the parent group, with completion targeted for late September 2026 subject to shareholder approvals and statutory compliances.

KPI Green Energy Limited is an Indian solar and hybrid power generation company specializing in independent power production and execution of renewable energy projects. Incorporating utility-scale ground-mounted solar, commercial rooftop setups and hybrid energy assets, the group operates extensive clean energy projects across western India.

Integrating specialized execution capabilities internally provides a strategic bridge for utility developers scaling clean energy platforms. The target company, established in late 2021, delivers turnkey engineering, procurement, construction, and operation services for solar projects, hybrid systems, and battery storage infrastructure. Controlling these technical resources in-house allows the parent company to mitigate execution bottlenecks, secure project supply timelines, and safeguard operating margins across complex infrastructure rollouts.

The transaction highlights an ongoing structural shift in the clean energy industry, where project developers are increasingly consolidating construction and technical capacities to support aggressive capacity targets. Structuring the acquisition entirely through preference shares allows the parent firm to expand operational scale while preserving immediate cash liquidity for core capital investments and asset construction. The integration of dedicated energy storage and transmission capabilities aligns with broader market demands for grid stability, hybrid power deployments, and battery-backed utility solutions.