Macquarie Owned Blue Leaf Energy Enters India With Vibrant Energy Acquisition

Blue Leaf Energy Asia Pte Limited (Blueleaf Energy) has acquired a majority stake in Vibrant Energy Holdings Pte Ltd (Vibrant Energy) from ATN International, Inc (ATN). Vibrant Energy claims to currently have a portfolio of 66 MW of operational solar PV projects, and an active development pipeline of over 400 MW across India.

By combining Blue leaf Energy’s global customer base and technical expertise with Vibrant Energy’s deep local knowledge and strong project pipeline, the firm hopes to grow further in the C&I market in India.

The acquisition also marks Blueleaf Energy’s entry into the Indian market, which is now the 3rd largest solar market in the world. The country’s fast-growing solar C&I market is expected to be a major driver of targets to reach 100GW of solar by 2022, and more in the quest for 450 Gw of renewable energy by 2030.

Sol Proops, Interim CEO of Blueleaf Energy, said: ‘India is in the middle of a renewables revolution. Solar energy is already its cheapest source of power and is set to be the powerhouse behind the country’s continued economic development. With the acquisition of Vibrant Energy, we’ve secured a deeply talented team and an impressive development pipeline in one of the most significant and exciting markets for the solar energy industry.’

Mark Dooley, Global Head of Macquarie’s Green Investment Group (GIG), said: ‘Energy systems around the world are being reshaped as an increasing number of corporates take sustainability into their own hands. It’s no different in India and I’m delighted to see Blueleaf Energy expanding into this dynamic market. Through our platforms and partnerships, GIG now has a global solar development pipeline of over 20 GW, helping corporates across 12 countries accelerate their green transition.’

Michael Prior, Chairman and CEO of ATN, said: ‘We are looking forward to the next stage of Vibrant Energy’s development under Blueleaf’s leadership. Vibrant Energy has a talented team and a robust pipeline of buildable projects. With the added resources, relationships and expertise of Blueleaf we believe Vibrant Energy is poised to become a leader in the commercial and industrial segment of the Indian solar industry.’

Srini Viswanathan, CEO of Vibrant Energy Holdings, said: ‘The acquisition uniquely positions Vibrant Energy to become an innovative C&I platform in India by cross-leveraging the expertise of Blueleaf and ATN. Vibrant Energy has significant in-house capabilities to not only originate, develop, execute, and manage utility plants at scale, but to also adapt in a fast-changing C&I market. With the guidance of Blueleaf, Vibrant aims to lead the transition of C&I customers to a sustainable future.’

Blueleaf has  built and operated approximately 2 GW of solar capacity globally, including over 500 MW in the Asia Pacific region.

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Prasanna Singh

Prasanna has been a media professional for over 20 years. He is the Group Editor of Saur Energy International

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