Inox Clean acquires Vibrant Energy for ₹5,000 crore, adds 1.3 GW capacity

Inox Clean Energy has acquired the Macquarie-backed Vibrant Energy in a ₹5,000 crore deal, adding a 1,337 MW renewable portfolio and sharpening its presence in the fast-growing commercial and industrial (C&I) segment. 

The transaction, closed in about four months despite volatile global M&A conditions, brings a diversified renewable platform with assets spread across Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh. The deal marks a major scale-up for Inox Clean as it accelerates capacity addition through both organic and inorganic routes. 

Vibrant Energy comes with a strong portfolio of long-term power purchase agreements (PPAs) with global and domestic corporations such as Amazon, Sify, Coca-Cola, UltraTech Cement, and Laurus Labs. These contracts have a weighted average tenure of around 20 years, ensuring stable and predictable cash flows. 

Boost to C&I segment 

The acquisition strengthens Inox Clean’s positioning in the C&I renewable segment, which has been witnessing rising demand as corporations shift towards clean energy to meet sustainability commitments and manage power costs. 

Devansh Jain, Executive Director, INOXGFL Group, said, “The successful completion of the Vibrant Energy acquisition marks a pivotal step in scaling up Inox Clean’s renewable energy portfolio. This addition not only enhances our operational capacity but also strengthens our presence in the high-growth C&I segment, backed by long-term, high-quality counterparties. As we accelerate towards our near-term capacity targets, we remain focused on building a deeply integrated and future-ready clean energy platform. With this milestone, Inox Clean is on course to achieve its target of 10 GW of installed IPP capacity by FY28.” 

Integrated growth strategy 

The deal is also aligned with Inox Clean’s broader strategy of building an integrated renewable platform, combining utility-scale power generation with solar manufacturing capabilities. 

Group CFO Akhil Jindal said Vibrant has evolved into a high-quality renewable platform with a strong base of contracted assets. 

Jindal said, “We are pleased to have successfully completed the acquisition of Vibrant Energy from Macquarie. Over the years, Vibrant has evolved into a high-quality renewable platform with a strong portfolio of contracted assets. We believe Inox Clean is well-positioned to take the business forward and drive its next phase of growth, and we welcome the entire Vibrant team to the INOXGFL family.” 

Inox Clean operates its IPP business through Inox Neo and solar manufacturing through Inox Solar. The company is targeting 10 GW of installed renewable IPP capacity and 11 GW of solar manufacturing capacity by FY28. 

The acquisition highlights ongoing consolidation in India’s renewable sector, with large players scaling up portfolios to secure long-term contracted assets and strengthen revenue visibility.