Bain Capital is reportedly in discussions with Macquarie Capital to purchase a controlling interest in Vibrant Energy, a company that supplies environmentally friendly electricity to commercial and industrial enterprises, as per reports.
Bain Capital is in the process of due diligence on the company, with a final offer anticipated at a later date, according to a report by the Economic Times. The source indicated that the company is expected to be valued at approximately $200 million in terms of equity, with a total enterprise value nearing $500 million.
Vibrant Energy, a provider of electricity to corporate and industrial clients, oversees a 132MW renewable energy portfolio with a 3GW active pipeline. Specializing in accessible renewable solutions, the company is 70 per cent owned by Blueleaf Energy (a Macquarie Green Investment Group company) and 30 per cent by ATN International.
Acquiring a majority stake in Vibrant Energy Holdings from ATN International in 2020 marked Blueleaf Energy Asia Pte's entrance into the Indian market. With a development pipeline surpassing 7GW globally, Blueleaf Energy focuses on solar, wind, and storage projects. Macquarie's Green Investment Group (GIG) manages an extensive portfolio with over 85GW in development across 25 global markets.
Moreover, Bain Capital recently concluded the raising of its fifth Asian private equity fund, securing a total of $7.1 billion, the largest Asia-focused PE fund raised in 2023.
According to a recent report by energy analyst firm Bridge To India, the Commercial and Industrial (C&I) renewables sector in India is projected to expand by 47GW in the coming five years. The report notes that corporate customers constitute 51 per cent of the nation's overall energy consumption.