Inox Green acquires Macquarie’s sustainable Vibrant platform

Inox Green Energy Services is acquiring Vibrant Energy, the Indian renewable energy platform owned by global infrastructure investor Macquarie Asset Management, people familiar with the matter said.The deal is likely to lead to a stock valuation of around $200 million (₹1,791 crore) for Vibrant Energy, the people said. Inox Green is part of the Inox Group and India’s only listed renewable energy operations and maintenance (O&M) company.

Both parties signed the definitive agreement for the transaction on Friday, and an official announcement is expected soon, the people said.Inox Green did not respond to email queries. A Macquarie spokesperson declined to comment.

ET reported in January that Macquarie had revived plans to divest Vibrant Energy after Standard Chartered Bank was appointed to lead the sale process, with a previous target company valuation of around $500 million.

Vibrant Energy supplies renewable energy to commercial and industrial (C&I) customers. The company operates a renewable portfolio of approximately 800 MW, with an active development pipeline of 2 GW, which includes wind and solar projects.

Singapore-based Vibrant Energy Holdings is the primary holding company for the Indian portfolio. Founded in 2015, Vibrant was acquired by American telecom company ATN International in 2016. In 2020, Blueleaf Energy – owned by Macquarie’s Green Investment Group (GIG) – took a majority stake, subsequently increasing its stake to around 93%, with the remainder held by ATN.

Vibrant has a strong customer base in Andhra Pradesh and Telangana, with Amazon as its largest customer. The company has signed power purchase agreements (PPAs) with Amazon for nearly 500 MW of renewable energy capacity. In 2022, it signed a PPA to develop 300 MW of renewable capacity in Madhya Pradesh and Karnataka, followed by a 198 MW wind project in Maharashtra in 2023.

Previous attempts by Macquarie to sell Vibrant had stalled. In April last year, the asset manager dropped its initial sales plans due to valuation differences with potential buyers. At the time, Vibrant had held discussions with investors such as Bain Capital, Sun Energy and Vitol, with JP Morgan advising on the process.

For Inox Green, the acquisition would significantly strengthen its presence in India’s fast-growing renewable energy ecosystem. The company – part of Inox Wind under the INOXGFL Group – currently manages more than 5 GW of renewable assets under long-term O&M contracts.

Last year, Inox Green received board approval to raise up to ₹1,050 crore through preferential issuance of equity shares and convertible warrants to accelerate the growth of its O&M business. The fundraising attracted major investors including Ashish Kacholia.

The latest deal comes amid a sharp acceleration in renewable energy demand from C&I customers in India.