Inox Clean Energy completes acquisition of Vibrant Energy, a Macquarie-owned IPP platform – EQ

• Inox Clean Energy Limited completes acquisition of Vibrant Energy – a ~1337 MW diversified C&I platform at an enterprise value of ~Rs 5,000 crore

• Strengthens Inox Clean’s renewable portfolio with long-term PPAs across leading global C&I customers

• Vibrant has long-term PPAs with leading global blue-chip commercial and industrial (C&I) customers including Amazon, Sify, Coca-Cola, Ultratech Cement, Laurus Labs amongst others

Noida – Inox Clean Energy Limited (“Inox Clean”) today announced the successful completion of its acquisition of Vibrant Energy (“Vibrant”) from Macquarie Corporate Holdings Pty Limited (“Macquarie”) and other shareholders. Vibrant is a diversified renewable energy independent power producer (RE IPP) with a total portfolio of 1,337 MW.

The acquisition has been completed at an enterprise value of ~Rs 5,000 crore, in a record time of four months, despite turbulent conditions in the global M&A ecosystem.

Vibrant’s portfolio comprises renewable energy assets spread across multiple Indian states, including Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh. The platform has long-term Power Purchase Agreements (PPAs) with leading global blue-chip commercial and industrial (C&I) customers including Amazon, Sify, Coca-Cola, Ultratech Cement, Laurus Labs amongst others, with a weighted average tenure of ~20 years.

With this acquisition, Inox Clean further strengthens its integrated renewable energy platform, combining utility-scale renewable power generation with solar manufacturing capabilities, enabling it to deliver comprehensive and scalable clean energy solutions to a wide spectrum of customers.

Commenting on the development, Mr. 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.”

Commenting on the transaction, Mr. Akhil Jindal, Group CFO, INOXGFL Group, 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.”

About Inox Clean Energy Limited

Inox Clean, the integrated renewable energy platform of the INOXGFL Group, operates across the renewable IPP (Independent Power Producer) business under its subsidiary Inox Neo and the solar manufacturing business under its subsidiary Inox Solar Limited. Rapidly expanding across the verticals through greenfield and inorganic routes, Inox Clean targets 10 GW of installed RE IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28, with assets spread across India and multiple key global geographies. Combining the core strength of its robust integrated business model along with the synergies and expertise within the INOXGFL Group, Inox Clean is setting new growth benchmarks in the renewable energy space as it scales up its capacities and offerings.

About INOXGFL Group

INOXGFL Group, a multi-billion-dollar Indian conglomerate, is a leader in the global energy transition space. With a legacy of over 90 years, the Group’s interests span across chemicals and renewables, with presence in over 75 countries across 5 continents. INOXGFL Group companies are forerunners across diversified business segments, with three listed entities — Gujarat Fluorochemicals Limited (GFL), a global leader in the specialty fluorine chemicals space; Inox Wind Limited (IWL), India’s leading comprehensive wind solutions provider, and Inox Green Energy Services Limited (IGESL), India’s largest listed renewables O&M services provider. On the unlisted front, GFL’s subsidiary — GFCL EV Products Limited (GFCL EV) — is scaling up to become the largest non-Chinese integrated advanced battery materials supplier globally. Further, through Inox Clean Energy Limited (ICEL), the Group is rapidly expanding globally across renewable energy IPP and solar manufacturing verticals. The Group’s performance and leadership are reflected in its diverse portfolio of products & services, where several of its companies are setting new growth benchmarks, as well as impactful corporate social responsibility initiatives. With an aim to drive progress and contribute to a greener future, the INOXGFL Group continues to contribute to India’s growth story.