Aditya Birla Renewables to acquire Sprng Energy from Shell for Rs 17,200 crore
Aditya Birla Renewables Limited (ABRen), a subsidiary of Grasim Industries Limited, has signed a definitive agreement to acquire 100% equity shares and securities of Solenergi Power Private Limited, which owns the Sprng Energy group of companies, from Shell Overseas Investment B.V., a wholly owned subsidiary of Shell plc.
The transaction, valued at an enterprise value of Rs 17,200 crore (approximately US$1.8 billion), is among the largest acquisitions in India’s renewable energy sector by value and scale. It is expected to be completed before the end of calendar year 2026, subject to regulatory approvals and other customary closing conditions.
Portfolio expansion
The acquisition will add a contracted renewable energy portfolio of around 5 GWp to ABRen’s platform, including approximately 3.3 GWp of operational capacity and about 1.7 GWp under construction.
Following the acquisition, ABRen’s renewable energy portfolio will expand from around 4.4 GW to approximately 9.4 GW, significantly advancing its target of building a renewable energy portfolio of more than 20 GWp over the next few years.
The transaction also includes Sprng Energy’s project development pipeline and transmission connectivity, strengthening ABRen’s presence across utility-scale renewable energy while complementing its existing commercial and industrial (C&I) business.
Funding structure
The acquisition will be funded through a combination of debt, equity infusion from Grasim Industries and investment from funds managed by Global Infrastructure Partners (GIP), part of BlackRock.
The final equity consideration payable to the seller will be determined after adjustments for debt, cash and other items specified in the transaction documents.
In December 2025, GIP invested Rs 2,000 crore in ABRen along with a greenshoe option of Rs 1,000 crore, valuing the renewable energy platform at Rs 14,600 crore.
According to the company, Solenergi Power reported consolidated revenue of Rs 1,156.5 crore in FY23, Rs 1,158.1 crore in FY24 and Rs 1,253.4 crore in FY25.
Strategic rationale
The acquisition significantly accelerates ABRen’s renewable energy expansion by combining its C&I renewable portfolio with Sprng Energy’s utility-scale assets.
Commenting on the acquisition, Kumar Mangalam Birla, Chairman, Aditya Birla Group, said, “Over a long arc of time, the Aditya Birla Group has built businesses at global scale that have contributed to India’s long-term growth, be it in building materials, metals, financial services, or retail. We view India’s energy transition through the same lens. At its core, this is about strengthening our nation’s energy future, enhancing industrial competitiveness, and creating the foundations for sustained economic growth.”
He added, “This acquisition brings together two highly complementary platforms and marks an important milestone in ABRen’s evolution. Together, we will have a diversified portfolio and a deep development pipeline that puts us on course to scale to 20 GWp+ in the coming years. More importantly, it positions us to participate meaningfully in one of the largest energy transformations underway anywhere in the world.”
Aryaman Vikram Birla, Director, Aditya Birla Group and Aditya Birla Renewables, said, “This acquisition is a pivotal moment in ABRen’s evolution, rapidly accelerating our ambition to build a top-tier renewable energy platform at national scale. By integrating Sprng Energy’s high-quality utilities portfolio with our C&I capabilities, we are significantly enhancing both the strength and resilience of our combined platform. Additionally, Sprng Energy brings a high-quality asset base, creditworthy off-takers and strong contracted cashflows.”
He added, “Having almost achieved our ~10 GWp target ahead of time, we are now on track to double capacity in the next few years. This step-up reflects not just scale, but a sharper focus on quality, execution, and long-term value creation.”
Jayant Dua, Business Head, Aditya Birla Renewables Limited, said, “This combination brings together two strong renewable energy platforms with complementary capabilities, geographical presence, customer relationships, and a talented pool of professionals across key functional areas. By leveraging our collective expertise across project development, engineering, procurement, construction, and asset management, we believe we can unlock meaningful operational synergies, significantly deepen our organizational capabilities, and accelerate project execution. Our priority will be to ensure business continuity, deliver reliable clean power to customers, and continue building a best-in-class renewable energy platform.”
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