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Inox Green Seals $200M Deal for Vibrant Energy
19 Dec
Summary
- Inox Green Energy acquires Vibrant Energy for $200 million.
- Vibrant Energy operates 800 MW renewable portfolio with 3 GW pipeline.
- Amazon is Vibrant Energy's largest client, with significant PPAs signed.
Inox Green Energy, a part of the Inox Group, is set to acquire Vibrant Energy from infrastructure investor Macquarie Asset Management for an equity valuation of $200 million. This transaction follows Macquarie's earlier attempt to sell Vibrant in April last year, which was stalled due to valuation disagreements. Macquarie had reportedly hired Standard Chartered Bank in January to facilitate the sale process.
Vibrant Energy currently operates a renewable energy portfolio of approximately 800 MW, with an additional 3 GW pipeline in development. The company specializes in providing open-access renewable energy solutions, primarily serving corporate and industrial clients. E-commerce giant Amazon is identified as Vibrant Energy's most significant customer, with several power purchase agreements secured for generating around 500 MW of renewable energy.
The company has also established power purchase agreements with other notable clients such as Sify Technologies, Ultratech, and Saint-Gobain India for various solar and wind energy capacities. Vibrant Energy's operations are concentrated in Andhra Pradesh and Telangana, with recent PPAs signed for projects in Madhya Pradesh, Karnataka, and Maharashtra, highlighting the surging demand for renewable energy in India's commercial and industrial sectors.
