Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights

Inox Green to Buy Macquarie-Backed Renewable Platform Vibrant Energy at $200 Million Valuation

Inox Green Energy Services, part of the Inox Group, is set to acquire Vibrant Energy, an Indian renewable energy platform owned by global infrastructure investor Macquarie Asset Management, according to people familiar with the matter. The transaction values Vibrant Energy at around $200 million in equity terms.

Earlier this year, Macquarie had appointed Standard Chartered Bank to manage the sale process. Previously, the Australian asset manager was exploring a valuation of nearly $500 million, but talks were shelved last year due to differences over pricing.

Inox Green Energy Services is among India’s leading renewable energy operations and maintenance (O&M) service providers, managing over 5 GW of renewable assets. A subsidiary of Inox Wind and part of the INOXGFL Group, the company is India’s only listed pure-play renewable O&M services firm, offering long-term maintenance solutions for wind and solar projects.

Vibrant’s Portfolio and Clients

Vibrant Energy focuses primarily on supplying renewable power to corporate and industrial (C&I) customers through open-access wind and solar projects. The company currently operates a portfolio of around 800 MW and has a development pipeline of nearly 3 GW.

Singapore-based Vibrant Energy Holdings serves as the principal holding company for the India portfolio through Aragorn Holding Company. Macquarie Corporate Holdings Pty Ltd owns approximately 90 percent of Aragorn Holding, while the remaining stake is held by ATN International Inc. via step-down subsidiaries. A Macquarie spokesperson declined to comment on the transaction.

Vibrant has a strong presence in Andhra Pradesh and Telangana and counts Amazon as its largest customer. The company has signed power purchase agreements (PPAs) for nearly 500 MW of renewable capacity with the e-commerce major. In December 2022, Vibrant agreed to develop 300 MW of renewable capacity across Madhya Pradesh and Karnataka, followed by a 198 MW wind project in Maharashtra in 2023.

Other clients include Sify Technologies, for which Vibrant has committed 231 MW of solar and wind capacity to power hyperscale data centers, as well as UltraTech Cement (21.6 MW) and Saint-Gobain India (75 MW).

Revival of Sale Talks

Macquarie had suspended plans to divest Vibrant in April last year after negotiations with potential buyers—including Bain Capital, Sun Energy, and Vitol—failed to meet its valuation expectations. JP Morgan had advised Vibrant during the earlier process. Discussions were revived in January this year following the appointment of Standard Chartered.

The proposed acquisition comes amid rising demand for clean energy in India’s commercial and industrial segment, driven by corporate decarbonisation goals and growing electricity needs, making platforms like Vibrant increasingly attractive assets in the renewable energy market.