Aditya Birla Renewables Ltd (ABRen), part of the diversified Aditya Birla Group, has agreed to acquire Sprng Energy, the Indian renewable energy platform owned by Shell Plc, at an enterprise value of Rs 17,200 crore ($1.8 billion).
ABRen, a subsidiary of Mumbai-listed Grasim Industries Ltd, said in a statement on Monday it will acquire Solenergi Power Pvt Ltd—the Mauritius-incorporated holding company for Sprng Energy—from Shell.
For Shell, the sale concludes a four-year ownership of the platform. The energy major acquired Sprng Energy from PE firm Actis in August 2022 for $1.55 billion. Actis had established the company in 2017 with a 330 MWp seed asset, scaling it into a major player in the Indian solar, wind, and hybrid energy markets.
ABRen said it will fund the acquisition through a combination of debt and equity infusion from Grasim and funds managed by Global Infrastructure Partners (GIP). The company said the final equity consideration for Sprng Energy will be determined following adjustments for debt, cash, and other items.
The deal comes after GIP, the infrastructure-focused private equity arm of global asset management giant BlackRock Inc., agreed to invest Rs 3,000 crore in ABRen in December last year.
The deal is one of the largest acquisitions in India’s clean energy sector. It is a shade smaller than the acquisition of Ayana Renewable last year by a joint venture of state-owned companies ONGC and NTPC at an enterprise value of Rs 19,500 crore ($2.3 billion then). Another big-ticket deal was struck in 2021 when Adani Green Energy Ltd bought SB Energy Ltd at an enterprise value of over Rs 25,000 crore (about $3.5 billion at the time).
Capacity expansion
The acquisition significantly bolsters ABRen’s capacity by adding a contracted portfolio of 5 GWp (3.3 GWp operational and 1.7 GWp under construction). Combined with ABRen’s existing assets, the deal brings the group’s total portfolio to 9.3 GWp, effectively positioning it as one of India's largest renewable platforms, it said.
The company said the transaction will help it achieve its previously stated target of exceeding 10 GWp.
Kumar Mangalam Birla, chairman of the Aditya Birla Group, said the deal is a critical component of the conglomerate’s broader industrial diversification into green energy. He said the combined entity is now on track to scale beyond 20 GWp in the coming years.
Aryaman Vikram Birla, director at the group and ABRen, said the acquisition allows the company to reach its near-term capacity goals ahead of schedule.
The transaction is expected to close before the end of 2026, subject to customary regulatory approvals and closing conditions.
