Inox Clean Energy Limited has completed the acquisition of Vibrant Energy, a renewable energy independent power producer (IPP) platform previously owned by Macquarie Corporate Holdings Pty Limited and other shareholders. The transaction, completed at an enterprise value of approximately Rs 5,000 crore, was closed within four months despite challenging conditions in the global mergers and acquisitions market.
Vibrant Energy operates a diversified renewable energy portfolio with a total capacity of around 1,337 MW. Its renewable energy assets are spread across several Indian states, including Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh. The acquisition will strengthen Inox Clean Energy’s presence in India’s renewable energy sector and expand its portfolio of operational and contracted clean energy assets.
A key feature of Vibrant’s business is its strong commercial and industrial (C&I) customer base. The company has entered into long-term Power Purchase Agreements (PPAs) with several global blue-chip companies, including Amazon, Sify, Coca-Cola, Ultratech Cement, and Laurus Labs, among others. The weighted average tenure of these PPAs is approximately 20 years, providing long-term revenue visibility for the acquired portfolio.
The acquisition is expected to strengthen Inox Clean Energy’s integrated renewable energy platform by combining utility-scale renewable power generation with solar manufacturing capabilities. This will allow the company to offer scalable clean energy solutions to a broader range of customers, particularly businesses seeking reliable renewable power under long-term arrangements.
Devansh Jain, Executive Director of INOXGFL Group, said the completion of the acquisition represents an important step in scaling Inox Clean Energy’s renewable energy portfolio. He highlighted that Vibrant’s assets will enhance the company’s operational capacity and strengthen its position in the fast-growing C&I renewable energy segment.
Jain also stated that the acquisition supports Inox Clean Energy’s plans to build a future-ready clean energy platform. The company is targeting 10 GW of installed IPP capacity by FY28 and expects the addition of Vibrant Energy to contribute significantly toward this objective.
Akhil Jindal, Group CFO of INOXGFL Group, said Vibrant has developed into a high-quality renewable energy platform with a strong portfolio of contracted assets. He added that Inox Clean Energy intends to build on Vibrant’s existing strengths and support its next phase of growth.
The completion of the transaction also brings the Vibrant Energy team into the INOXGFL Group. With its diversified assets, long-term PPAs and established C&I customer relationships, Vibrant is expected to play an important role in Inox Clean Energy’s expansion strategy.
