Inox Clean Energy (Inox Clean) has announced the successful completion of its acquisition of Vibrant Energy (Vibrant), a RE IPP with a portfolio of 1,337 MW, from Macquarie Corporate Holdings (Macquarie) and other shareholders at an enterprise value of about INR 5,000 crore.
Vibrant’s portfolio comprises renewable energy assets spread across multiple Indian states, including Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh. The platform has long-term Power Purchase Agreements (PPAs) with leading global blue-chip commercial and industrial (C&I) customers, including Amazon, Sify, Coca-Cola, Ultratech Cement, Laurus Labs, amongst others, with a weighted average tenure of about 20 years, Inox Clean stated.
Commenting on the development, Devansh Jain, Executive Director, INOXGFL Group, said, “The successful completion of the Vibrant Energy acquisition marks a pivotal step in scaling up Inox Clean’s renewable energy portfolio. This addition not only enhances our operational capacity but also strengthens our presence in the high-growth C&I segment, backed by long-term, high-quality counterparties. As we accelerate towards our near-term capacity targets, we remain focused on building a deeply integrated and future-ready clean energy platform. With this milestone, Inox Clean is on course to achieve its target of 10 GW of installed IPP capacity by FY28.”
Commenting on the transaction, Akhil Jindal, Group CFO, INOXGFL Group, said, “We are pleased to have successfully completed the acquisition of Vibrant Energy from Macquarie. Over the years, Vibrant has evolved into a high-quality renewable platform with a strong portfolio of contracted assets. We believe Inox Clean is well-positioned to take the business forward and drive its next phase of growth.”
With this acquisition, Inox Clean further strengthens its integrated renewable energy platform, combining utility-scale renewable power generation with solar manufacturing capabilities, enabling it to deliver comprehensive and scalable clean energy solutions to a wide spectrum of customers, the company stated.
