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					</table><p><a href="https://inoxclean.com/" target="_blank" rel="noopener">Inox Clean Energy</a> has completed the acquisition of <a href="https://www.vibrantenergy.in/" target="_blank" rel="noopener">Vibrant Energy</a>, a renewable energy platform owned by <a href="https://www.macquarie.com/in/en.html" target="_blank" rel="noopener">Macquarie</a> and other shareholders, for approximately ₹50 billion (~$536.28 million).</p>
<p>The transaction adds a renewable energy portfolio of about 1.34 GW to Inox Clean’s assets.</p>
<p>Inox Clean Energy had <a href="https://www.mercomindia.com/inox-clean-to-acquire-macquarie-owned-vibrant-energy" target="_blank" rel="noopener">reached</a> an agreement to acquire Vibrant Energy in December last year.</p>
<p>Vibrant Energy’s portfolio includes renewable assets across Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh.</p>
<p>Vibrant Energy has long-term power purchase agreements with leading commercial and industrial (C&amp;I) customers, including Amazon, Sify, Coca-Cola, Ultratech Cement, and Laurus Labs.</p>
<p>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.</p>
<p>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).</p>
<p>INOXGFL Group Executive Director Devansh Jain said the deal strengthens the company’s presence in the C&amp;I segment with high-quality counterparties and aligns with its growth strategy.</p>
<p>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.</p>
<p>Last month, the INOXGFL Group <a href="https://www.mercomindia.com/inox-to-acquire-wind-world-indias-600-mw-ipp-4-5-gw-om-portfolio" target="_blank" rel="noopener">announced</a> that it would acquire 600 MW of IPP and 4.5 GW of operations and maintenance businesses of wind energy developer Wind World India.</p>
<p>In January this year, Inox Clean Energy, along with its subsidiary, Inox Solar, <a href="https://www.mercomindia.com/inox-clean-secures-%E2%82%B931-billion-equity-to-scale-ipp-and-solar-manufacturing" target="_blank" rel="noopener">raised</a> equity totaling ₹31 billion (~$342.83 million), valuing the company at ₹500 billion (~$5.54 billion) pre-money.</p>


Inox Clean Acquires Macquarie-Owned Vibrant Energy for ₹50 Billion


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					</table><p><a href="https://www.inoxgfl.com/" target="_blank" rel="noopener">INOXGFL Group</a>’s subsidiary Inox Neo Energies has completed the acquisition of Skypower Solar India, which operates a 50 MW solar power project in Madhya Pradesh.</p>
<p>Skypower Solar India has an enterprise value of approximately ₹2.65 billion (~$30.97 million), which is 5.3 times the earnings before interest, taxes, depreciation, and amortization over the past 12 months.</p>
<p>The 50 MW solar project in Khandwa district was commissioned in the financial year 2018. The power generated from the project is tied up under a 25-year power purchase agreement with the Madhya Pradesh Power Management Company.</p>
<p>Bharat Saxena, CEO, Inox Clean Energy, stated that the company is significantly scaling up its independent power capacity under Inox Neo Energies, both organically and inorganically. The solar project’s acquisition is part of Inox Clean Energy’s inorganic growth strategy. The company aims to achieve 3 GW of hybrid installed capacity within the next two to three years.</p>
<p>Earlier this year, the National Company Law Tribunal, Chandigarh bench, <a href="https://www.mercomindia.com/company-law-tribunal-approves-inox-wind-energys-merger-with-inox-wind" target="_blank" rel="noopener">approved</a> the merger between Inox Wind Energy and Inox Wind, both INOXGFL Group companies. The companies hope that combining their operations will help them achieve cost savings through economies of scale, improved resource utilization, the elimination of redundant functions and operations, and streamlining of regulatory compliance.</p>
<p>Last December, the INOXGFL Group <a href="https://www.mercomindia.com/inox-solar-manufacturing-module-cell" target="_blank" rel="noopener">announced</a> its entry into solar manufacturing through Inox Solar, a privately held entity owned by the promoters. Inox Solar aims to achieve an initial capacity of 5 GW of solar modules and 2.5 GW of solar cell manufacturing capacity by 2026, with a capital expenditure of ₹15 billion (~$176.73 million).</p>
<p>In September, IGREL Renewables, INOXGFL Group’s renewable power generation platform, <a href="https://www.mercomindia.com/inox-groups-renewables-equity-investment" target="_blank" rel="noopener">raised</a> ₹3 billion (~$35.8 million) in equity capital from prominent investors. The capital infusion will support IGREL Renewables’ expansion of its renewable energy portfolio. Investors, including Akash Bhansali, Rohit Kothari, and Madhusudan Kela, participated in the equity raise through their respective entities.</p>


INOX Acquires Skypower Solar India’s 50 MW Solar Project in Madhya Pradesh


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					</table><p>IGREL Renewables, a renewable power generation platform of the <a href="https://www.inoxgfl.com/" target="_blank" rel="noopener">INOXGFL Group</a>, has raised ₹3 billion (~$35.8 million) in equity capital from prominent investors. The capital infusion will support IGREL Renewables&#8217; expansion of its renewable energy portfolio.</p>
<p>Through their respective entities, investors, including Akash Bhansali, Rohit Kothari, and Madhusudan Kela, participated in the equity raise.</p>
<p>IGREL Renewables has set a target of installing a renewable energy capacity of 2 GW by the financial year 2027. This capacity will comprise both wind and solar projects.</p>
<p>The company&#8217;s expansion plans entail a cumulative capital expenditure of approximately ₹120 billion (~$1.4 billion) over the next three years.</p>
<p>The company said it has made significant strides in its expansion efforts, including firm orders placed for 200 MW of capacity, signing a 550 MW letter of intent (LoI) with <a href="https://inoxwind.com/" target="_blank" rel="noopener">Inox Wind</a> for wind capacities, and having multiple LoIs issued to leading solar EPC companies.</p>
<p>The company has secured power purchase agreements and LoIs from group companies and other large commercial and industrial customers for over 600 MW capacity.</p>
<p>The company said establishing IGREL Renewables as an independent power producer platform will help the group companies secure long-term power from renewable sources, helping offset their carbon emissions. It expects subsidiaries such as Inox Wind, Resco Global, and Inox Green to benefit from large-scale business opportunities. It said the platform will add value to the group&#8217;s listed companies without requiring large capital expenditures or debt.</p>
<p>The INOXGFL Group comprises four listed entities and has a market capitalization of $12 billion.</p>
<p>Last November, Inox Wind <a href="https://www.mercomindia.com/inox-wind-selling-equity-shares-to-pare-down-debt/" target="_blank" rel="noopener">raised</a> around ₹8 billion (~$96.93 million) by selling its equity shares, advancing toward a debt-free status. These funds were to settle IWEL&#8217;s external debt under INOXGFL Group&#8217;s strategy to reduce Inox Wind&#8217;s debt and fortify the company&#8217;s financial position. This transaction was executed via block deals on the stock exchanges and witnessed participation by several marquee domestic and foreign institutional investors.</p>
<p>It also <a href="https://www.mercomindia.com/inox-wind-raises-%E2%82%B95-billion-through-share-sale-free" target="_blank" rel="noopener">raised</a> ₹5 billion (~$60 million) in August 2023 through an equity share sale from its main promoter and affiliated group entities, using the funds to settle advances from Gujarat Fluorochemicals and boost wind power capacity.</p>


Inox Group’s Renewables Platform Secures ₹3 Billion Equity Investment

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