Inox Clean Energy Seals Deal to Buy Vibrant Energy from Macquarie

Inox Clean Energy Limited announced the signing of definitive agreements to acquire Vibrant Energy, a diversified renewable energy independent power producer (IPP), from Macquarie Corporate Holdings Pty Limited and other shareholders.

The acquisition marks a major step in Inox Clean’s expansion strategy as it seeks to build a large-scale, integrated renewable energy business in India.

Vibrant Energy’s portfolio consists of 1,337 MW of renewable assets, of which nearly 800 MW is operational. The company’s projects are located across key renewable hubs in India, including Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh. The Vinay Pabba led Vibrant Energy  has been valued at reportedly Rs 5,000 crores. 

A key strength of Vibrant Energy’s portfolio lies in its strong customer base and long-term power purchase agreements (PPAs). The IPP supplies clean power to several global blue-chip commercial and industrial (C&I) customers, backed by PPAs with a weighted average tenure of around 20 years. 

Boosting Inox Clean’s Growth Ambitions

The acquisition underpins Inox Clean Energy’s plan to develop a large-scale integrated renewable energy platform that combines clean power generation with solar equipment manufacturing. 

The company is currently progressing toward its target of achieving 3 GW of installed capacity by the end of FY26, positioning it as one of the fastest-growing renewable energy firms in India.

By FY28, Inox Clean aims to reach 10 GW of operational capacity, supported by 11 GW of planned solar modules and 8 GW of solar cell manufacturing capacity. These expansions are expected to drive consolidated annual revenues of around INR 30,000 crore.

Background: Macquarie’s Exit from Vibrant Energy

Macquarie Asset Management had earlier initiated the sale of Vibrant Energy’s 1.33 GW renewable portfolio, of which 800 MW is operational. The current transaction follows an earlier sale process managed by JP Morgan that was shelved due to valuation differences. 

The sale of Vibrant Energy marks Macquarie’s strategic exit from one of its key renewable assets in India, clearing the path for Inox Clean Energy to consolidate its position in the rapidly growing C&I renewable market.