Sun Energy and Vitol in Queue to Acquire Vibrant Energy

According to sources familiar with the situation, Indonesian 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.

On February 23, it was reported that Macquarie had hired an investment bank to handle the sale of Vibrant Energy.

"They have recently received non-binding offers from Sun Energy and Vitol, and the bidders will soon begin due diligence on the assets," one of the above-mentioned sources said.

According to the source, the company's equity value is likely to be around $200 million, with an enterprise value (EV) of close to $500 million.

Vibrant Energy, which primarily sells electricity to corporate and industrial (C&I) customers, has a 132MW renewable energy portfolio and a 3GW pipeline. For corporate customers, the group creates open access renewable energy solutions (wind and solar). Blueleaf Energy, a portfolio company of Macquarie's Green Investment Group, owns approximately 70% of Vibrant Energy, while ATN International, based in the United States, owns the remainder.

Blueleaf Energy Asia Pte entered India in 2020 when it acquired a majority stake in Vibrant Energy Holdings from ATN International.

Blueleaf Energy has a global development pipeline of more than 7GW of solar, wind, and storage projects. Macquarie's GIG is developing an 85+ GW portfolio in 25 markets around the world.