Inox Clean Energy Ltd has executed definitive agreements with Australia-based Macquarie Corporate Holdings Pty Ltd and other shareholders to acquire Vibrant Energy, a diversified renewable energy independent power producer (IPP) in India. The acquisition covers Vibrant Energy’s entire renewable portfolio of 1,337 MW, of which nearly 800 MW is currently operational. While the deal value was not officially disclosed by the company, industry sources have pegged it at around ₹5,000 crore.
In a statement announcing the transaction, Inox Clean Energy said the acquisition marks a significant step in its strategy to scale up renewable power generation and build a large, integrated clean energy platform in India. Vibrant Energy’s assets are spread across key renewable energy states, including Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh.
A major strength of the Vibrant Energy portfolio lies in its strong commercial and industrial (C&I) customer base. The company has long-term power purchase agreements with large global multinational corporations, with an average PPA tenure of around 20 years, providing long-term revenue visibility.
Commenting on the acquisition, Devansh Jain, Executive Director, INOXGFL Group, said, “The acquisition will aid Inox Clean’s journey to scale up its renewable power generation capacity. With this and other acquisitions nearing closure, Inox Clean is on course to reach its targeted RE installed capacity of 3 GW by FY26-end, making it the fastest company to do so in India.”
He added that Inox Clean aims to achieve 10 GW of installed renewable energy capacity by FY28.
From the seller’s perspective, Macquarie highlighted the transaction as part of its strategic shift in renewable investments. Mark Dooley, Executive Director, Macquarie Group, said, “Sale of Vibrant Energy, an asset held on Macquarie Group’s balance sheet, is a further step in the transition of our renewable energy activities to an asset management model under Macquarie Asset Management Green Investments. We are proud to have worked with the Vibrant Energy team to grow the portfolio from 65 MW to 1,337 MW within a short span of time.”
The acquisition follows Macquarie Asset Management’s decision to exit Vibrant Energy as part of a broader portfolio rebalancing. Standard Chartered Bank acted as the exclusive advisor to Macquarie Group on the transaction.
With this acquisition, Inox Clean Energy strengthens its presence in the rapidly growing C&I renewable energy market and advances its long-term objective of building a large-scale, integrated renewable energy business in India.
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