Inox acquires Vibrant Energy Rs 5,000 cr power portfolio

Inox Clean Energy Ltd has finalized agreements with Macquarie Corporate Holdings Pty Ltd, which is based in Australia, and other stakeholders to take over Vibrant Energy, which is an Indian independent power producer and has a diversified portfolio of renewable energy with a total capacity of 1,337 MW.

The 800 MW is already generating and the various projects are located in the five states of Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh. Although the transaction was not publicly acknowledged, it is approximated by insiders in the industry to be around ₹5,000 crores.

The deal consists of purchaser agreements for a long term that are already in place with a number of large industrial and commercial clients as well as the world's leading multinational firms that typically last for 20 years. This move that is the called the Inox Clean Energy growth strengthens the future, allowing the company to quickly ramp up its production of renewable energy.

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Devansh Jain, the Executive Director of INOXGFL Group, stated that the deal, along with other acquisitions almost nearing closure, places Inox in a position to reach its target of 3 GW of installed renewable capacity by the end of FY26, thus becoming one of the fastest-growing clean energy companies in India. The company is aiming to install 10 GW by FY28.

Mark Dooley, Executive Director at Macquarie Group, commented that the sale of Vibrant Energy is a significant milestone in the process of changing the way Macquarie operates in the area of renewable energy, moving it to an asset management model under Macquarie Asset Management Green Investments. He also pointed out that the Vibrant portfolio has undergone extraordinary development from 65 MW to 1,337 MW in a short period.