Inox Clean Energy has announced it is acquiring renewable energy platform Vibrant Energy from Macquarie Corporate Holdings and its other shareholders.

Inox has signed definitive agreements for the acquisition.

Standard Chartered Bank was the exclusive advisor to Macquarie Group on this transaction.

The companies did not disclose the deal value.

Vibrant Energy has a portfolio of 1.3 GW of renewable energy projects out of which is 800 MW is operational. The projects are located across Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh.

It has signed long-term power purchase agreements with blue-chip commercial and industrial customers, with a weighted average tenure of 20 years.

Devansh Jain, Executive Director at INOXGFL Group, said post completion of this acquisition and other acquisitions nearing closure, Inox Clean’s renewable energy installed capacity will reach 3 GW by the end of the financial year (FY) 2026.

Inox Clean has set a target of achieving 10 GW of installed capacity by FY 2028.

The company said that with its 10 GW operational power generation capacity, along with 11 GW of solar module and 8 GW of solar cell manufacturing capacity targets by FY 2028, Inox Clean would achieve a consolidated annual revenue of about ₹300 billion (~$3.34 billion).

Mark Dooley, Executive Director, Macquarie Group, said that the sale of Vibrant Energy is a further step in the transition of its renewable energy activities to an asset management model under Macquarie Asset Management Green Investments. “We are proud to have worked with the Vibrant Energy team to grow the portfolio from 65 MW to 1337 MW in a short time.”

Inox Clean is a part of the INOXGFL Group. It is the holding company for INOXGFL’s renewables IPP business, held under Inox Neo Energies, and its solar manufacturing business, under Inox Solar.

In September 2025, Inox Neo Energies executed definitive agreements with Evergreen Power Mauritius and Evergreen Renewables to acquire their 640 MW wind-solar hybrid projects.

In June 2025, it also completed the acquisition of Skypower Solar India, which operates a 50 MW solar power project in Madhya Pradesh.