New Delhi, Dec. 22 -- Indian renewable energy firm Inox Clean Energy has agreed to acquire Australian asset manager Macquarie-owned platform Vibrant Energy.
The deal will help Inox Clean Energy, which is a part of the INOXGFL Group, add 1,337 MW of renewable energy capacity to its portfolio, of which 800MW is operational.
With this acquisition, INOXGFL is on course to have an operational portfolio of 3GW by the end of FY26, the Indian company said Sunday.
Inox didn't disclose financial terms of the transaction. Media reports said that Vibrant's equity value was around $200 million and the enterprise value was around $600 million.
Vibrant Energy's portfolio is located across several states including Madhya Pradesh, Maharashtra, Karnataka, Telangana and Andhra Pradesh.
"The acquisition will aid Inox Clean's journey to 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, making it the fastest company to do so in India," INOXGFL Group Executive Director Devansh Jain said.
Macquarie Group Executive Director Mark Dooley said that the sale of Vibrant Energy, an asset held on the group's balance sheet, was a step in the transition of its renewable energy activities to an asset management model under Macquarie Asset Management Green Investments.
Published by HT Digital Content Services with permission from VC Circle.