By PTI
Inox Clean Energy Ltd has executed definitive agreements with Australia-based Macquarie Corporate Holdings Pty Ltd and other shareholders to acquire Vibrant Energy, which has a portfolio of 1337 MW.
Noida-based INOXGFL Group company did not disclose the deal value, but as per industry sources, it was about Rs 5,000 crore.
Vibrant Energy is a diversified renewable energy independent power producer (RE IPP) in India.
In a statement on Sunday, Inox Clean announced the execution of definitive agreements with Macquarie and other shareholders to acquire Vibrant Energy’s total portfolio of 1337 MW, of which 800 MW is in operation.
The projects are located across multiple states, including Madhya Pradesh, Maharashtra, Karnataka, Telangana and Andhra Pradesh.
A query on the deal amount sent to parent INOXGFL Group remained unanswered.
Vibrant has existing power purchase agreements (PPAs) with major C&I customers, including large global MNCs for an average 20-year period.
INOXGFL Group Executive Director Devansh Jain said in a statement, “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.”
Inox Clean to achieve its target of 10 GW of installed capacity by FY28, he said.
Macquarie Group Executive Director Mark Dooley 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 1337 MW within a short span of time.”
Standard Chartered Bank was the exclusive advisor to Macquarie Group on the transaction.
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