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Inox Clean Energy Secures Rs3,400 Crore Long-Term Funding from NaBFID

Inox Clean Energy Ltd. (ICEL), part of the Noida-based INOXGFL Group, is raising Rs 3,400 crore through a 20-year loan from the National Bank for Financing Infrastructure and Development (NaBFID). The funding will be used to refinance existing debt following ICEL’s acquisition of Vibrant Energy, the renewable energy platform formerly owned by Macquarie Asset Management.

According to people familiar with the transaction, the loan is expected to be priced in the range of 8% to 8.5% and will be ring-fenced against seven operational renewable energy projects, comprising solar, wind, and hybrid assets.

Vibrant Energy operates through 13 special purpose vehicles (SPVs), of which debt in seven SPVs is being refinanced under a restricted group (RG) structure, sources said. These SPVs house a mix of renewable assets and are supported by long-term power purchase agreements (PPAs) with major corporate customers such as Amazon, Sify, and UltraTech.

Under the restricted group framework, only identified subsidiaries or SPVs are bound by the loan’s covenants and guarantees. This structure allows lenders to clearly map repayment obligations to specific cash flows. In the event of payment stress in any one SPV, other entities within the group can step in, offering enhanced repayment security to the lender.

The refinancing follows INOXGFL Group’s announcement in December of its agreement to acquire Vibrant Energy in a transaction valued at an equity consideration of around $200 million. Vibrant Energy primarily supplies power to commercial and industrial (C&I) consumers and operates a renewable energy portfolio of approximately 800 MW, with an additional 3 GW pipeline under development.

The platform focuses on open-access wind and solar solutions tailored for corporate customers, positioning Inox Clean Energy to significantly scale its C&I renewable energy presence following the acquisition.