Inox Clean Energy to Raise ₹3,400 Crore from NaBFID to Refinance Vibrant Energy Debt

Inox Clean Energy (ICEL), part of the Noida-based INOXGFL Group, is raising ₹3,400 crore from the National Bank for Financing Infrastructure and Development (NaBFID) through a 20-year loan. The proceeds will be used to refinance existing debt following ICEL’s acquisition of Macquarie Group’s renewable energy platform, Vibrant Energy.

The loan is expected to be priced between 8 percent and 8.5 percent and will be dedicated to seven renewable energy projects owned by the company. These projects include a mix of solar, wind and hybrid assets.

Restricted Group Financing Framework

The refinancing is being executed under a restricted group (RG) structure, under which specific subsidiaries are identified to comply with loan covenants and repayment obligations. Reportedly, Vibrant Energy has 13 special purpose vehicles. The debt in seven of these SPVs is being refinanced by NaBFID under a restricted group structure.

The selected SPVs hold operational solar, wind and hybrid capacities and have long-term power purchase agreements with corporate customers such as Amazon, SIFY and Ultratech. Under the RG framework, cash flows from these entities will be used to service the loan, while providing NaBFID with defined repayment security.

Vibrant Energy Acquisition Background

In December, INOXGFL announced its acquisition of Vibrant Energy from Macquarie Asset Management in a deal valued at an equity value of $200 million. Vibrant Energy primarily supplies electricity to corporate and industrial customers and operates a renewable energy portfolio of about 800 MW, along with an active development pipeline of 3 GW.

The platform focuses on developing open access wind and solar projects for corporate buyers, positioning it as a key asset within Inox Clean Energy’s renewable energy portfolio.

NaBFID’s Growing Role in Renewable Financing

The transaction reflects NaBFID’s expanding role in India’s clean energy financing landscape. Established by Parliament in 2021, the development finance institution has been actively deploying long-term capital into renewable energy projects. It recently extended a ₹4,800 crore refinancing package to Greenko Energy, signalling its focus on supporting large-scale renewable portfolios through stable, long-tenor domestic financing.