Inox Green to Acquire Macquarie's Renewable Platform Vibrant

Inox Green Energy Services is acquiring Vibrant Energy, the Indian renewable energy platform owned by global infrastructure investor Macquarie Asset Management, said people familiar with the matter.

The deal is likely to set an equity valuation of about $200 million (₹1,791 crore) on Vibrant Energy, the people said. Inox Green is part of the Inox Group and India's only listed renewable power operations and maintenance (O&M) services company.

Both sides inked the definitive agreement for the transaction on Friday, and an official announcement is expected soon, the people said.


Inox Green didn't respond to email queries. A spokesperson for Macquarie declined to comment.

ET reported in January that Macquarie had revived plans to divest Vibrant Energy after appointing Standard Chartered Bank to run the sale process, with an earlier target enterprise valuation of about $500 million.

Vibrant Energy supplies renewable power to commercial and industrial (C&I) clients. The company operates a renewable portfolio of about 800 MW, with an active development pipeline of 2 GW, spanning wind and solar projects.

Singapore-based Vibrant Energy Holdings is the principal holding company for the India portfolio. Founded in 2015, Vibrant was acquired by US-based telecom firm ATN International in 2016. In 2020, Blueleaf Energy - owned by Macquarie's Green Investment Group (GIG) - took a majority stake, subsequently boosting its holding to about 93%, with the remainder held by ATN.

Vibrant has a strong client base in Andhra Pradesh and Telangana, with Amazon as its biggest customer. The company has signed power purchase agreements (PPAs) with Amazon for nearly 500 MW of renewable energy capacity. In 2022, it inked 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.

Earlier attempts by Macquarie to sell Vibrant had stalled. In April last year, the asset manager dropped its initial sale 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 bolster its presence in India's fast-growing renewable energy ecosystem. The company - a unit of Inox Wind under the INOXGFL Group - currently manages over 5 GW of renewable assets under long-term O&M contracts.

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

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