Inox Clean Energy, a part of the INOXGFL Group, has signed definitive agreements to acquire Vibrant Energy, a renewable energy independent power producer (IPP) owned by Macquarie Corporate Holdings Pty Ltd and other shareholders. The deal is expected to fast-track Inox Clean’s expansion, helping it reach 3 GW of installed renewable capacity by FY26-end, the fastest such scale-up in India.

The acquisition gives Inox Clean control of a 1,337 megawatt (MW) diversified renewable energy portfolio, of which around 800 MW is currently operational. The projects are spread across multiple states, including Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh, and are backed by long-term power purchase agreements (PPAs) with leading global commercial and industrial (C&I) customers. The weighted average tenure of these PPAs is around 20 years.

“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,” said Devansh Jain, Executive Director, INOXGFL Group.

Jain added that the company aims to build on this base to reach 10 GW of installed capacity by FY28, supported by the group’s integrated renewable approach.

Inox Clean Energy is the holding company for the INOXGFL Group’s renewable IPP business, housed under Inox Neo Energies Limited, and its solar manufacturing operations under Inox Solar Limited. The company is building an integrated renewable energy ecosystem, manufacturing solar modules and cells that will be deployed for captive and third-party power generation as well as sold to external customers.

Akhil Jindal, Group CFO, INOXGFL Group, said the acquisition meets the group’s valuation framework and minimum internal rate of return (IRR) threshold, making it value-accretive for the acquiring company. He added that multiple other acquisitions are close to completion, which would further accelerate Inox Clean’s growth.

According to Jindal, Inox Clean is targeting 10 GW of operational power generation capacity, alongside 11 GW of solar module manufacturing and 8 GW of solar cell manufacturing capacity by FY28, with a projected consolidated annual revenue of around ₹30,000 crore.

 “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,” said Mark Dooley, Executive Director, Macquarie Group Limited.

He noted that Macquarie had worked closely with the Vibrant Energy team to scale the portfolio from 65 MW to 1,337 MW in a short period, and expressed confidence in Inox Clean’s ability to lead the next phase of the platform’s growth.

The acquisition further strengthens the INOXGFL Group’s presence across the renewable energy value chain, which spans renewable power generation, wind and solar manufacturing, and clean energy solutions tailored to diverse customer needs.

Standard Chartered Bank was the exclusive advisor to Macquarie Group on this transaction.