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Actis and Serentica bid for Macquarie’s India renewables portfolio

KKR-backed decarbonisation platform Serentica Global and UK-based investor Actis have submitted non-binding offers to acquire Macquarie's Indian renewables portfolio, three sources familiar told Infralogic.

The two names are among a list of global and regional investors that are seeking to acquire Vibrant Energy, the sources said.

Macquarie Asset Management is evaluating the offers to shortlist bidders, the sources said, adding that binding offers are expected by the end of September.

Most potential investors have offered an enterprise value of between USD 250m and USD 300m, the sources added. The final offers are expected to revise down to around USD 200m, one of them said.

JP Morgan is advising the seller.

Macquarie launched a sale process for Vibrant earlier this year and has received indicative offers from Geneva-headquartered energy and commodities trader Vitol and Indonesia-based SUN Energy, this news service reported earlier this month. 

Macquarie's portfolio company Blueleaf Energy invested in Vibrant in November 2020, acquiring a 67% stake from US-based telecommunications and renewables operator ATN International. Blueleaf has continued to increase its stake in Vibrant since then to own close to 80% currently. The remainder is held by ATN, which is also looking to exit, a source told Infralogic previously.

Vibrant is dual headquartered in Singapore and India's Hyderabad city and focuses on commercial and industrial customers.

An investor at this stage will get access to a 1.9 GW solar and wind portfolio with exclusive offtakes. The company owns close to 200 MW of operational assets and a pipeline of about 1.8 GW. The company aims to have about 5 GW in the medium term.

In May, Vibrant agreed to develop a wind-solar hybrid power project in Madhya Pradesh state with a capacity of 75 MW for construction materials company Saint-Gobain India. It has also agreed to develop two wind-solar hybrid power projects with a combined capacity of 300 MW for Amazon in Madhya Pradesh and Karnataka.

Last Month, Vibrant closed a debt financing from Aditya Birla Capital to develop close to 24 MW of solar power projects in Maharashtra. It will build two projects for related units of Indian industrial conglomerate Kalyani Group – Kalyani Technoforge and Kalyani Maxion & Maxion Wheels.

Macquarie, JP Morgan, Actis and Serentica and ATN did not respond to requests for comment.