Singapore’s Solar Developer BlueLeaf Enters India with Majority Stake in Vibrant Energy

Vibrant Energy currently has 66 MW of operational solar projects in India


Blueleaf Energy, a Singapore-based renewable energy company, announced that it acquired a majority stake in an Indian clean energy solutions provider, Vibrate Energy Holdings, from ATN International.

Blueleaf Energy specializes in the development, finance, construction, and operation of both commercial and industrial (C&I) and utility-scale solar systems across the Asia Pacific region. Blueleaf Energy also actively acquires and develops onshore wind and battery storage projects.

BlueLeaf Energy would combine its global consumer base and technical expertise with Vibrant Energy’s strong project pipeline and local knowledge through this acquisition. The company, owned by Macquarie’s Green Investment Group (GIG), stated that the acquisition would provide commercial and industrial consumers an opportunity to manage their energy needs and achieve decarbonization targets.

“With the acquisition of Vibrant Energy, we have secured a talented team and an impressive development pipeline in one of the significant markets for the solar energy industry,” said Sol Proops, Interim Chief Executive Officer of Blueleaf Energy.

According to the press statement, Vibrant Energy Holdings has 66 MW of operational solar projects, and another 400 MW of solar projects are under pipeline across India.

“The acquisition positions Vibrant Energy to become an innovative commercial and industrial platform in India by cross-leveraging the expertise of BlueLeaf and ATN. With the guidance of BlueLeaf, Vibrant aims to lead the transition of C&I consumers to a sustainable future,” said Srini Viswanathan, Chief Executive Officer of Vibrant Energy Holdings. BlueLeaf Energy said it has so far developed and operated around 2 GW of solar projects worldwide, which also includes over 500 MW of solar projects in the Asia Pacific region.

According to Mercom’s 9M and Q3 Solar Funding and M&A Report, 42 corporate solar mergers and acquisitions (M&A) transactions (11 disclosed for $7 billion) were announced across the globe in the first nine months of 2020, compared to 57 transactions (ten disclosed for $600 million) in 9M 2019. In the third quarter of 2020, 17 solar M&A transactions were executed (five disclosed for $6.8 billion) compared to 13 transactions in the last quarter.

In August 2020, Malaysia-based Yinson Holdings Berhad announced that it would acquire an additional 57.5% equity interest in Rising Sun Energy Private Limited, an Indian company engaged in solar development.

Earlier this year, Orix Corporation, a Japan-based financial services group, announced that it had signed a framework agreement with renewable energy project developer Greenko Energy Holdings to acquire approximately 20% of its shares.


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