Macquarie Asset Management plans to approach previous bidders for Vibrant Energy in a restart of the sale of the Indian corporate renewables platform, according to two sources familiar.

In February 2023, Macquarie began a process to sell the portfolio company, advised by JP Morgan. Although it had attracted interest from a number of investors, including Actis, Bain Capital, KKR-backed Serentica, SUN Energy, and Vitol, the process was abandoned last year over concerns including a valuation mismatch.

The sellside, advised by Standard Chartered in the renewed attempt, aims to gauge interest from parties in the previous sale, the sources said. New York-headquartered Stonepeak had bid in the 2023 sale and was considered a serious contender, given that its offer was fully funded, one of the sources said.

Sembcorp may also consider the deal, the sources said. The Singaporean firm has been aggressively expanding its renewables capacity in India, having won over 2 GW of greenfield projects in 2024. It has nearly 6 GW in gross renewables capacity in the country across wind, solar, and energy storage assets.

The sellside is seeking to relaunch the process officially in March.

Indonesia’s SUN Energy and Bain Capital had submitted the highest offers in the 2023 process, one of the sources said. The offers did not go beyond 1.6x Macquarie’s investment in Vibrant Energy, which totalled around USD 250m, he said.

Vibrant Energy has a 242 MW operational portfolio and expects to commission another 250 MW imminently, said one of the sources. That will be followed by an additional 250 MW coming online before the end of this year.

Macquarie, Standard Chartered, Stonepeak and Vitol declined to comment. Actis, Bain Capital, Sembcorp, Serentica, SUN Energy, and Vibrant Energy did not respond to requests for comment.

The relaunch also comes after Vibrant Energy changed its CEO last June, with the departure of Srini Viswanathan. The developer is now helmed by Vinay Pabba, a former Brookfield executive.

Macquarie’s portfolio company Blueleaf Energy bought a majority stake in Vibrant Energy in November 2020. Blueleaf Energy, under Macquarie’s Green Investment Group, divested Vibrant Energy in 2024, according to the website.

Dual-headquartered in Singapore and India’s Hyderabad city, Vibrant Energy focuses on commercial and industrial customers.