Inox Clean Energy has completed the acquisition of Vibrant Energy, a renewable energy platform owned by Macquarie and other shareholders, for approximately ₹50 billion (~$536.28 million).

The transaction adds a renewable energy portfolio of about 1.34 GW to Inox Clean’s assets.

Inox Clean Energy had reached an agreement to acquire Vibrant Energy in December last year.

Vibrant Energy’s portfolio includes renewable assets across Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh.

Vibrant Energy has long-term power purchase agreements with leading commercial and industrial (C&I) customers, including Amazon, Sify, Coca-Cola, Ultratech Cement, and Laurus Labs.

Inox Clean combines renewable power generation through its independent power producer (IPP) business with solar manufacturing capabilities, allowing it to offer end-to-end clean energy solutions to a wide range of customers.

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

INOXGFL Group Executive Director Devansh Jain said the deal strengthens the company’s presence in the C&I segment with high-quality counterparties and aligns with its growth strategy.

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.

Last month, the INOXGFL Group announced that it would acquire 600 MW of IPP and 4.5 GW of operations and maintenance businesses of wind energy developer Wind World India.

In January this year, Inox Clean Energy, along with its subsidiary, Inox Solar, raised equity totaling ₹31 billion (~$342.83 million), valuing the company at ₹500 billion (~$5.54 billion) pre-money.