Aditya Birla Group Acquires 5 GW Renewables Portfolio from Shell
Aditya Birla Renewables Ltd (ABRen), a division of Grasim Industries Ltd, has entered into a definitive agreement to purchase 100 percent of the equity shares and securities of Solenergi Power Pvt Ltd, the parent company of the Sprng Energy group, from Shell Overseas Investment B.V., a Shell subsidiary.
The deal values Sprng Energy at an enterprise worth INR 17,200 crore ($1.8 billion), positioning it as one of the biggest renewable energy acquisitions in India by scale and transaction value.
Sprng Energy builds and manages large-scale solar and wind projects that provide electricity to distribution firms throughout India. The firm possesses a renewable energy portfolio totaling 5 GW, which includes 3.3 GW of active assets and 1.7 GW of signed projects.
The transaction value is still subject to standard closing modifications, involving adjustments for net debt and capital expenditures.
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The purchase will be financed through a mix of debt and equity from Grasim Industries and capital managed by Global Infrastructure Partners (GIP), which is a part of BlackRock.
“This agreement reflects Shell’s continued focus on adjusting the portfolio in our power business,” says 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.”
After the transaction is finalized, Sprng Energy employees will remain with the new owner, guaranteeing workforce stability and facilitating ongoing operations. The purchase will enable ABRen to grow its renewable energy portfolio through a proven operating platform instead of depending only on greenfield project development.
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Upon completion, ABRen's current 4.4 GW portfolio, mainly centered on the commercial and industrial (C&I) sector, will merge with Sprng Energy's 5 GW utility-scale portfolio. The merged platform will boast around 9.4 GW of renewable energy capacity, establishing a varied portfolio among customer sectors.
The acquisition aligns with the Aditya Birla Group’s wider objectives for sustainability and energy transition.
“This acquisition brings together two highly complementary platforms and marks an important milestone in ABRen’s evolution,” says 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, a director at Aditya Birla Group and Aditya Birla Renewables, stated that the acquisition would hasten ABRen's efforts to develop a substantial renewable energy platform.
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“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 says.
“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 stated that ABRen was set to double its renewable energy capacity in the upcoming years after reaching its 10 GW goal 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,” Birla says.
The deal is anticipated to finalize before the conclusion of the 2026 calendar year.