India's renewable energy sector is buzzing with a major acquisition deal. Inox Green Energy Services is set to acquire Vibrant Energy, a leading Indian renewable energy platform, in a deal that values the company at around $200 million. This significant move is expected to bolster Inox Green's presence in the country's fast-growing renewable energy ecosystem.
The acquisition is a strategic move by Inox Green to expand its operations and maintenance (O&M) services in India. Vibrant Energy, owned by global infrastructure investor Macquarie Asset Management, supplies renewable power to commercial and industrial (C&I) clients and operates a renewable portfolio of about 800 MW.
The deal will significantly strengthen Inox Green's position in the Indian renewable energy market. The company currently manages over 5 GW of renewable assets under long-term O&M contracts and is looking to accelerate its growth in the sector. The acquisition of Vibrant Energy will not only expand its portfolio but also provide access to a strong client base, including Amazon, which is Vibrant's biggest customer.
Vibrant Energy has a diverse portfolio of wind and solar projects, with an active development pipeline of 2 GW. The company has signed power purchase agreements (PPAs) with several clients, including Amazon, for nearly 500 MW of renewable energy capacity. In 2022, it inked a PPA to develop 300 MW of renewable capacity in Madhya Pradesh and Karnataka, followed by a 198 MW wind project in Maharashtra in 2023.
The acquisition comes amid a sharp acceleration in renewable energy demand from C&I customers in India. The country's renewable energy sector is expected to continue growing, driven by government initiatives and increasing demand for clean energy. Inox Green's acquisition of Vibrant Energy is a strategic move to capitalize on this trend and establish itself as a leading player in the Indian renewable energy market.
Remember, this is a developing story, and investors should do their own research before making any investment decisions. The acquisition is subject to regulatory approvals and is expected to be completed soon.
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