New Delhi: Solar solutions provider Blueleaf Energy announced its entry into the domestic renewable energy market on Monday by acquiring a majority stake in Vibrant Energy. However, Blueleaf Energy did not disclose details of the acquisition cost or stake in the Hyderabad-based company.
Blueleaf Energy provides project development, financing, engineering, procurement and construction (EPC), and O&M (O&M) services to the solar industry with installed capacity in excess of 2 GW worldwide, including over 500 MW in the Asia Pacific region.
In a statement, Blue Leaf Energy Asia Pte Limited (Blueleaf Energy) stated that it had acquired a majority stake in Vibrant Energy Holdings Pte Ltd (Vibrant Energy) from ATN International, Inc (ATN).
The acquisition also marks the entry of Blueleaf Energy into the Indian market, which is now the third largest solar market in the world.
“India is in the midst of a renewable energy revolution. With the acquisition of Vibrant Energy, we have gained an extremely talented team and an impressive development pipeline in one of the most important and exciting markets for the solar industry,” said Sol Proops. Interim CEO of Blueleaf Energy said.
Srini Viswanathan, CEO of Vibrant Energy Holdings, said: “The acquisition uniquely positions Vibrant Energy as an innovative C&I platform (commercial and industrial) in India, leveraging the expertise of Blueleaf and ATN.
“Vibrant Energy has extensive in-house capabilities not only to build, develop, execute and manage utility systems at scale, but also to adapt to a rapidly changing C&I market.”