Strengthening India’s clean energy footprint, Inox Clean Energy acquires Macquarie backed Vibrant Energy in a $600 million deal.
Inox Clean Energy Ltd has signed an agreement to acquire Macquarie Group’s renewable energy platform Vibrant Energy in a deal valued at an enterprise value of $600 million and an equity value of $200 million, according to people aware of the development. The transaction was announced by Inox Clean, part of the INOXGFL Group, marking a consolidation move in India’s clean energy sector.
The acquisition will be funded through pre IPO fundraises, internal accruals and promoter capital, one of the people said. Earlier this month, Inox Clean Energy withdrew its draft papers for a ₹60 billion initial public offering and is expected to submit a fresh filing. The company has already secured commitments of around ₹50 billion through pre IPO fundraising, the person added.
The deal adds immediate scale to Inox Clean’s renewable portfolio by bringing in largely operational assets at a time when consolidation in India’s clean energy space is accelerating. Macquarie Asset Management had put Vibrant Energy up for sale after an earlier process managed by JP Morgan was dropped due to valuation differences.
Vibrant Energy has a renewable portfolio of about 1.33 gigawatts, with nearly 800 megawatts already operational. It operates as an independent power producer focused on commercial and industrial customers, with projects spread across states including Madhya Pradesh, Maharashtra, Karnataka, Telangana and Andhra Pradesh.
Devansh Jain, executive director of the INOXGFL Group, said the acquisition, along with other deals nearing closure, positions Inox Clean to achieve its target of 3 gigawatts of installed renewable capacity by the end of FY26. He added that the transaction also lays a strong foundation for the company’s longer term goal of reaching 10 gigawatts of installed capacity by FY28.
