INOXGREEN

Targets 10GW Capacity by FY28 with Vibrant Acquisition

, part of the INOXGFL Group, has signed an agreement to acquire Macquarie Group’s renewable platform Vibrant Energy in a transaction valued at an enterprise value of $600 million and equity value of $200 million. The deal, funded through pre‑IPO fundraises, internal accruals, and promoter capital, adds scale to Inox Clean’s portfolio at a time when consolidation in India’s renewable sector is accelerating. With Vibrant’s operational assets and strong pipeline, Inox Clean is positioned to achieve its ambitious capacity targets. The acquisition will be financed via ₹5,000 crore pre‑IPO commitments, internal accruals, and promoter capital. Inox Clean had earlier withdrawn its ₹6,000 crore IPO filing, with plans to resubmit. Standard Chartered Bank advised Macquarie on the deal. Vibrant Energy operates a 1.33GW renewable portfolio, with ~800MW already operational, catering to commercial and industrial clients. Its projects span Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh. The portfolio was grown from 65MW to 1,337MW under Macquarie’s ownership. The acquisition strengthens Inox Clean’s base, helping it reach 3GW installed capacity by FY26‑end, the fastest in India, and sets up a pathway to 10GW by FY28. Executive Director Devansh Jain highlighted the deal as a cornerstone for scaling green energy ambitions. India’s renewable sector has seen multiple deals: - acquired O2 Power for $1.47 billion. - Orix Corp sold 17.5% in Greenko to AM Green B.V. - Hexa Climate Solutions bought Fortum India in April 2025. - acquired Ayana Renewable Power in February. - Welspun New Energy is exploring a majority stake sale, while Actis is in talks to buy back Sprng Energy from Shell. Macquarie’s sale of Vibrant marks its transition to an asset management model under Macquarie Asset Management Green Investments, moving away from balance sheet ownership of renewable assets.