In a significant move to expand its renewable energy footprint, Inox Clean Energy Ltd has sealed a definitive agreement to acquire Vibrant Energy, a major independent power producer. The deal involves taking over a substantial portfolio of operational and under-development projects.
Details of the Strategic Acquisition
The company, part of the Noida-based INOXGFL Group, entered into final agreements with Australia's Macquarie Corporate Holdings Pty Ltd and other shareholders. While the official transaction value was not disclosed, industry insiders estimate it to be around Rs 5,000 crore.
Vibrant Energy's portfolio totals 1337 MW of renewable energy capacity. A significant portion, 800 MW, is already operational. These projects are spread across several key Indian states, including:
- Madhya Pradesh
- Maharashtra
- Karnataka
- Telangana
- Andhra Pradesh
A major strength of the acquired assets is their long-term power purchase agreements (PPAs) with prominent commercial and industrial (C&I) customers, including large multinational corporations. These PPAs are locked in for an average duration of 20 years, ensuring stable revenue streams.
Accelerating Growth and Future Targets
Devansh Jain, Executive Director of INOXGFL Group, highlighted the strategic importance of this acquisition. He stated that it will significantly accelerate Inox Clean's journey to scale up its renewable power generation capacity. With this acquisition and others in the pipeline, the company is firmly on track to achieve its ambitious target of 3 GW (3000 MW) of installed renewable energy capacity by the end of the financial year 2026 (FY26).
Jain further revealed the company's long-term vision, aiming for a monumental 10 GW (10,000 MW) of installed capacity by FY28. This aggressive expansion plan is set to position Inox Clean as one of the fastest-growing renewable energy platforms in the country.
Macquarie's Transition and Portfolio Growth
Mark Dooley, Executive Director of Macquarie Group, commented on the sale, noting that Vibrant Energy was an asset held on the group's balance sheet. This transaction represents a strategic step in transitioning Macquarie's renewable energy activities to an asset management model under its Green Investments division.
Dooley expressed pride in the collaboration with the Vibrant Energy team, which saw the portfolio grow exponentially from a modest 65 MW to the current 1337 MW in a relatively short period. The transaction was advised exclusively by Standard Chartered Bank.
This acquisition marks a pivotal moment in India's renewable energy sector, consolidating assets and demonstrating strong investor confidence in the long-term growth of clean power generation driven by corporate demand.
