Inox Clean Energy Acquires Vibrant Energy’s 1,337 MW RE Portfolio
Inox Clean Energy has signed definitive agreements to acquire Macquarie-backed Vibrant Energy, adding a 1,337 MW diversified renewable portfolio of which about 800 MW is operational now, to accelerate its scale-up ambitions of reaching 3 GW installed RE capacity by FY26-end.
December 22, 2025. By Mrinmoy Dey
Vibrant has long-term PPAs with global blue-chip commercial and industrial (C&I) customers having a weighted average tenure of approximately 20 years.
The projects are located across multiple Indian states including Madhya Pradesh, Maharashtra, Karnataka, Telangana and Andhra Pradesh, the company said in a statement.
Commenting on the development, Devansh Jain, Executive Director, INOXGFL Group, said, “The acquisition of Vibrant marks a significant milestone in Inox Clean’s journey to rapidly scale up its renewable power generation capacity. With this and other acquisitions nearing closure, Inox Clean is on course to reach its targeted RE installed capacity of 3 GW by FY26-end, the fastest company to do so in India.”
He further added, “This sets up a strong base for Inox Clean to achieve its target of 10 GW of installed capacity by FY28. Inox Clean’s integrated approach, supported by the strong credentials of the INOXGFL Group, places it well to capture the large-scale opportunities in the clean energy space over the next decade.”
Akhil Jindal, Group CFO, INOXGFL Group, added, “The acquisition falls within INOXGFL Group’s valuation framework, which sets a minimum IRR threshold, and should result in the acquisition being value-accretive for the acquiree company. We are also on the verge of closure of multiple other acquisitions under Inox Clean, which would make Inox Clean the fastest company to reach 3 GW installed RE power generation capacity in India. With its 10 GW operational power generation capacity along with 11 GW of solar module and 8 GW of solar cell manufacturing capacity targets by FY28, Inox Clean should achieve a consolidated annual revenue of about INR 30,000 crore.”
Commenting on the transaction, Mark Dooley, Executive Director, Macquarie Group, said, “The sale of Vibrant Energy, an asset held on Macquarie Group’s balance sheet, is a further step in the transition of our renewable energy activities to an asset management model under Macquarie Asset Management Green Investments. We are proud to have worked with the Vibrant Energy team to grow the portfolio from 65 MW to 1,337 MW within a short span of time. We are delighted to consummate this transaction with Inox Clean, whose strategic focus on growing its portfolio, supported by the INOXGFL Group’s considerable experience in the renewable energy sector, makes them well-placed to oversee the next phase of Vibrant Energy’s growth.”
Standard Chartered Bank was the exclusive advisor to Macquarie Group on this transaction.
With its integrated platform combining renewable power generation with solar manufacturing, Inox Clean is building a large-scale renewable energy platform offering differentiated solutions to address the energy requirements of various customers, the company stated.
please contact: contact@energetica-india.net.
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