Vitol, Sun Energy look to buy Macquarie's India renewable biz
solar energy producer Sun Energy and global energy trading firm Vitol have submitted bids to acquire Macquarie-owned Vibrant Energy, which provides green power to commercial and industrial units, said sources aware of the development.
ET first reported on February 23 that Macquarie had hired an investment bank to run a sale process for Vibrant Energy.
«They have received non-binding offers from Sun Energy and Vitol recently and the bidders will soon begin due diligence on the assets,» said one of the sources cited above.
The company is likely to fetch an equity value of around $200 million with an enterprise value (EV) of close to $500 million, the source added. Vibrant Energy, which primarily sells electricity to corporate and industrial (C&I) customers, operates a renewable energy portfolio of 132MW, with an active pipeline of 3GW.
The group develops open access renewable energy solutions (wind and solar) for corporate customers. About 70% stake in Vibrant Energy is owned by Blueleaf Energy, a portfolio company of Macquarie's Green Investment Group, while the rest is held by US-based ATN International.
In 2020, Blueleaf Energy Asia Pte entered India by acquiring a majority stake in Vibrant Energy Holdings from ATN International.
Blueleaf Energy has a development pipeline of solar, wind and storage projects exceeding 7GW globally.
Macquarie's GIG has 85+ GW portfolio under development across 25 markets globally.
Macquarie and Vitol declined to comment on the development. An email sent to Sun Energy did not elicit a response till press time.
In December 2022, Vibrant Energy entered an agreement with Amazon to set up the retail giant's wind-solar hybrid projects in India.
