New Delhi, April 1 Inox Clean Energy announced on Wednesday that it has completed the acquisition of Vibrant Energy from Macquarie Corporate Holdings Pty Limited and other shareholders for an enterprise value of ₹5,000 crore.
The acquisition was completed in a record four months, despite turbulent conditions in the global M&A ecosystem, Inox Clean Energy said in a statement.
Vibrant is a diversified independent power producer in the renewable energy sector with a total portfolio of 1,337 MW. Vibrant's portfolio includes renewable energy assets spread across multiple states, including Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh, it said.
The platform has long-term Power Purchase Agreements (PPAs) with major commercial and industrial customers globally, including Amazon, Sify, Coca-Cola, Ultratech Cement, and Laurus Labs, with an average tenure of 20 years.
With this acquisition, Inox Clean further strengthens its integrated renewable energy platform, combining utility-scale renewable power generation with solar manufacturing capabilities, enabling it to deliver comprehensive and scalable clean energy solutions to a wide range of customers.
Devansh Jain, Executive Director, INOXGFL Group, said in the statement, "With this milestone, Inox Clean is on track to achieve its target of 10 GW of installed IPP capacity by FY28."