Indian independent power producer (IPP) Inox Clean Energy has acquired the Macquarie-owned Vibrant Energy, which operates a 1,337MW commercial and industrial-focused renewables portfolio across India.
Under the INR50 billion (US$535 million) deal, Inox will take control of Vibrant Energy’s assets, which include long-term power purchase agreements (PPAs) with global blue-chip C&I customers – including Amazon, Sify, Coca-Cola, Ultratech Cement, and Laurus Labs – with an average tenure of 20 years.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Hyderabad, Telangana-headquartered Vibrant is a diversified renewable energy independent power producer (RE IPP) spanning Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh. The deal further bolsters Inox’s integrated renewables platform, combining utility-scale power generation with solar manufacturing capabilities.
“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. With this milestone, Inox is on course to achieve its target of 10GW of installed IPP capacity by FY28,” said Devansh Jain, executive director, INOXGFL Group, Inox Clean Energy’s parent company.
Gujarat-based Inox Clean Energy aims to reach 10GW of renewable IPP capacity and 11GW of integrated solar manufacturing by FY28.
In January 2026, Inox Clean Energy’s manufacturing arm Inox Solar secured INR 31 billion (US$340 million) in equity financing to fund its manufacturing expansion ambitions, while its IPP arm Inox Neo Energies acquired a 300MW operational solar PV portfolio from SunSource Energy.
Last year, Inox Solar began the first phase of commercial operations at its 1.2 GW module plant in Bavla, Gujarat, and secured a land agreement with the Odisha government to build a 4.8 GW solar cell and module facility in Dhenkanal.
