Aditya Birla Group to acquire 5 GW renewables portfolio from Shell

Aditya Birla Renewables Ltd (ABRen), a subsidiary of Grasim Industries Ltd, has signed a definitive agreement to acquire 100% of the equity shares and securities of Solenergi Power Pvt Ltd, the holding company of the Sprng Energy group, from Shell Overseas Investment B.V., a subsidiary of Shell.

The transaction values Sprng Energy at an enterprise value of INR 17,200 crore ($1.8 billion), making it one of the largest renewable energy acquisitions in India by transaction value and scale.

Sprng Energy develops and operates utility-scale solar and wind projects that supply electricity to distribution companies across India. The company has a renewable energy portfolio of 5 GW, comprising 3.3 GW of operational assets and 1.7 GW of contracted projects.

The transaction value remains subject to customary closing adjustments, including net debt and capital expenditure adjustments.

The acquisition will be funded through a combination of debt and equity from Grasim Industries and funds managed by Global Infrastructure Partners (GIP), a BlackRock company.

“This agreement reflects Shell’s continued focus on adjusting the portfolio in our power business,” said Machteld de Haan, president of Downstream, Renewables and Energy Solutions at Shell. “We are high-grading our power portfolio and recycling capital in service of our asset-backed trading strategy outlined at Capital Markets Day 2025. This is another step in building a more focused, competitive and resilient business while improving returns year on year toward 2030.”

Sprng Energy employees will continue with the new owner following completion of the transaction, ensuring workforce continuity and supporting ongoing operations.

The acquisition will allow ABRen to expand its renewable energy portfolio through an established operating platform rather than relying solely on greenfield project development.

Following completion, ABRen’s existing 4.4 GW portfolio, primarily focused on the commercial and industrial (C&I) segment, will be combined with Sprng Energy’s 5 GW utility-scale portfolio. The combined platform will have approximately 9.4 GW of renewable energy capacity, creating a diversified portfolio across customer segments.

The acquisition supports the Aditya Birla Group’s broader sustainability and energy transition goals.

“This acquisition brings together two highly complementary platforms and marks an important milestone in ABRen’s evolution,” said Kumar Mangalam Birla, chairman of the Aditya Birla Group. “Together, we will have a diversified portfolio and a deep development pipeline that puts us on course to scale to 20 GW plus 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 at Aditya Birla Group and Aditya Birla Renewables, said the acquisition would accelerate ABRen’s plans to build a large-scale renewable energy platform.

“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,” he said. “By integrating Sprng Energy’s utility-scale portfolio with our C&I capabilities, we are significantly enhancing the strength and resilience of our combined platform. Sprng Energy also brings a high-quality asset base, creditworthy off-takers and strong contracted cash flows.”

He added that ABRen was on track to double its renewable energy capacity in the coming years after approaching its 10 GW target ahead of schedule.

“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,” Birla said.

The transaction is expected to close before the end of calendar year 2026.