Inox arm acquires Macquarie's Vibrant Energy

Inox Clean Energy Limited has acquired Vibrant Energy, a Macquarie-owned renewable energy independent power producer (RE IPP), Inox said on Sunday. The deal has valued Vibrant at $200 million (equity), said sources.Vibrant, with a total portfolio of 1.3 GW, of which 800 MW is in operation, has long-term PPAs with global blue-chip commercial and industrial (C&I) customers having a weighted average tenure of 20 years, it said.On Sunday, the company announced the execution of definitive agreements with Macquarie Corporate Holdings Pty Limited and other shareholders to acquire Vibrant Energy. The projects are located across multiple Indian states including Madhya Pradesh, Maharashtra, Karnataka, Telangana and Andhra Pradesh. With its integrated platform combining renewable power generation with solar manufacturing, Inox Clean is building a large-scale renewable energy platform offering differentiated solutions to address the energy requirements of various customers, it added.“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,” said Devansh Jain, Executive Director, INOXGFL Group.This sets up a strong base for Inox Clean to achieve its target of 10 GW of installed capacity by FY28, he added.“The 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,” said Mark Dooley, Executive Director, Macquarie Group.Standard Chartered Bank was the exclusive advisor to Macquarie Group on this transaction.