Inox Clean Energy Expands Renewables Portfolio with INR 5,000 Crore Vibrant Energy Acquisition

In order to purchase Vibrant Energy, which has a 1337 MW portfolio, Inox Clean Energy Ltd has finalised agreements with Macquarie Corporate Holdings Pty Ltd, based in Australia, and other shareholders. The INOXGFL Group company, situated in Noida, did not reveal the deal value, although industry insiders said it was around INR 5,000 crore.

In India, Vibrant Energy is a diverse independent power producer (RE IPP) for renewable energy. The completion of final agreements with Macquarie and other shareholders to purchase Vibrant Energy's whole portfolio of 1337 MW, of which 800 MW is operational, was announced by Inox Clean in a statement on Sunday. Several states, including Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh, are home to the projects.

Vibrant’s Multiple Power Purchase Agreements

For an average of 20 years, Vibrant has power purchase agreements (PPAs) in place with significant C&I clients, including big international MNCs. According to a statement from INOXGFL Group Executive Director Devansh Jain, the acquisition will support Inox Clean's efforts to increase its capacity for producing renewable energy.

With this and other acquisitions coming to a finish, Inox Clean is on track to become the fastest firm in India to attain its goal of RE installed capacity of 3 GW by the end of FY26. By FY28, Inox Clean will have reached its goal of 10 GW of installed capacity. According to Mark Dooley, Executive Director of Macquarie Group, the sale of Vibrant Energy, an asset on the company's balance sheet, is an additional step in moving our renewable energy operations to an asset management model under Macquarie Asset Management Green Investments.

The company is pleased to have collaborated with the Vibrant Energy team to quickly expand the portfolio from 65 MW to 1337 MW. Macquarie Group's only advisor on the deal was Standard Chartered Bank.

Portfolio of Inox Green

The acquisition will greatly increase Inox Green's footprint in the rapidly expanding renewable energy sector in India. Currently managing more than 5 GW of renewable assets under long-term O&M contracts, the company is a division of Inox Wind under the INOXGFL Group.

In order to boost expansion in its O&M sector, Inox Green obtained board clearance last year to raise up to INR 1,050 crore through the preferential issuing of equity shares and convertible warrants. Ashish Kacholia was among the notable investors drawn to the fundraising event. The most recent agreement coincides with a dramatic increase in the demand for renewable energy from C&I clients in India.