Inox Clean Energy acquires Vibrant Energy for ~Rs 5,000 crore

INOXGFL Group has expanded its renewable portfolio, with subsidiary Inox Clean Energy completing the acquisition of Vibrant Energy from Macquarie Corporate Holdings for around Rs 5,000 crore. The transaction, completed in four months, adds a 1,337 MW portfolio of solar and hybrid assets.

The acquired portfolio supplies power to commercial and industrial (C&I) consumers across Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh. Vibrant Energy’s customer base includes large corporates such as Amazon, Sify, Coca-Cola, UltraTech Cement, and Laurus Labs, with most contracts structured as long-term offtake agreements of around 20 years. 

The acquisition follows a series of transactions by Inox Clean Energy over the past year. The company acquired 250 MW of operational solar assets from SunSource Energy in January and announced the purchase of a 640 MW hybrid portfolio from Evergreen Group in September last year. It has also taken control of 600 MW of independent power producer (IPP) capacity and a 4.5 GW wind operations and maintenance (O&M) portfolio from Wind World India through insolvency proceedings.

Inox Clean Energy is targeting 10 GW of installed IPP capacity by FY28, according to its executive director Devansh Jain. The platform operates through two subsidiaries: Inox Neo for IPP operations and Inox Solar for manufacturing, where it is aiming for 11 GW of integrated capacity.

Beyond renewables, the INOXGFL Group has listed entities including Gujarat Fluorochemicals, Inox Wind, and Inox Green Energy Services, along with an unlisted battery materials business, GFCL EV Products.

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