Inox Clean Energy Bolsters Portfolio with ₹5,000 Crore Vibrant Energy Acquisition

Inox Clean Energy has completed the acquisition of Vibrant Energy at an enterprise value of about ₹5,000 crore, as per PTI reports. The company said the transaction was closed within 4 months, despite a slowdown in global mergers and acquisitions activity.  

The deal comes at a time when renewable energy platforms in India are expanding through acquisitions. 

Portfolio Size and Geographic Presence 

Vibrant Energy operates a renewable portfolio of 1,337 MW. Its assets are spread across multiple states, including Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh.  

The portfolio consists of a mix of operating projects supplying power to commercial and industrial users under contracted arrangements. 

Long-Term Customer Agreements 

The platform has power purchase agreements with clients such as Amazon, Sify, Coca-Cola, UltraTech Cement, and Laurus Labs. These contracts have an average tenure of around 20 years.  

Such agreements typically provide revenue visibility and stable offtake for generated power over the contract period. 

Addition to Existing Operations 

Inox Clean Energy operates across renewable power generation and solar manufacturing. Its independent power producer business is housed under Inox Neo, while manufacturing operations are run through Inox Solar.  

The addition of Vibrant Energy’s portfolio increases the company’s operational capacity and presence in the commercial and industrial segment. 

Recent Acquisitions and Expansion 

The company has been adding assets through multiple transactions over the past year. It acquired 250 MW of operational solar projects from SunSource Energy earlier this year.  

In September last year, it announced the acquisition of a 640 MW hybrid portfolio from Evergreen Group. It also secured 600 MW of IPP capacity and 4.5 GW of operations and maintenance business linked to Wind World India through a tribunal process. 

Capacity Targets and Group Structure 

Reports also suggest that Inox Clean Energy has set a target of reaching 10 GW of installed IPP capacity and 11 GW of solar manufacturing capacity by FY28.  

It is part of the INOXGFL Group, which operates across chemicals and renewable energy, with listed entities including Gujarat Fluorochemicals, Inox Wind and Inox Green Energy Services. 

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Conclusion 

The acquisition adds 1,337 MW to Inox Clean Energy’s portfolio and expands its presence in the commercial and industrial segment. It also aligns with its capacity targets for FY28. 

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