Powerica has acquired a 49% stake in Fuji-Kailash Energy (FKEPL), a Gujarat-based renewable energy generation and distribution company, for ₹30 million (~$311,365).

The company’s board of directors approved the investment on April 21, 2026 and the equity shares were allotted to the company on May 22, 2026.

Powerica finalized the investment by purchasing 1,729,106 FKEPL equity shares at ₹10 (~$0.103) each.

The company stated that it aimed to enter a de-risked renewable asset category with long-term revenue visibility with the investment. The investment would strengthen Powerica’s renewable portfolio, enable it to pursue additional solar projects, and support its ESG framework.

FKEPL is a renewable power generation and distribution company focusing on solar, wind, hybrid, and bio-energy solutions. It was incorporated on July 26, 2025.

It has an authorized share capital of ₹36 million ($373,638) and a paid-up share capital (pre-investment) of ₹18 million ($186,819). Its paid-up share capital (post-investment) is ₹35.29 million ($366,280).

Powerica was among the winners of Solar Energy Corporation of India’s auction to set up 2,000 MW of interstate transmission system-connected wind power projects across India (Tranche XX). Powerica bagged 100 MW at a tariff of ₹3.85 (~$0.0400)/kWh.

Earlier in July, Powerica was one of the winners announced in Gujarat Urja Vikas Nigam’s auction to procure power from 250 MW of grid-connected wind projects (Phase XI). Powerica bagged 50 MW at a tariff of ₹3.51 (~$0.0368)/kWh.

Corporate funding in the solar sector rose to $11.1 billion across 53 deals in the first quarter of 2026, marking a 131% year-over-year increase from the $4.8 billion raised across 39 deals in Q1 2025, according to Mercom Capital Group’s Q1 2026 Solar Funding and M&A Report.

The funding also increased by 127% quarter over quarter, from $4.9 billion secured through 48 deals in Q4 2025.

The report recorded 28 solar corporate M&A transactions during Q1 2026, representing a 47% increase from 19 transactions in Q1 2025 and a 33% rise from 21 transactions in Q4 2025.