Aditya Birla Group Acquires Shell's Sprng Energy for $1.8 Billion

The Aditya Birla Group has agreed to acquire Shell's India renewable energy platform, Sprng Energy, for an enterprise value of $1.8 billion. The transaction, executed through the group's subsidiary Aditya Birla Renewables Ltd (ABRen), involves the purchase of 100 percent of Solenergi Power Private Limited from Shell Overseas Investment B.V.

The acquisition adds 5 GWp of solar and wind assets to ABRen's portfolio, comprising 3.3 GWp of operational capacity and 1.7 GWp under construction. This move increases the group's total renewable capacity to 9.3 GWp, making it the fifth-largest renewable energy company in India. Following the deal, the group raised its growth target to over 20 GWp in the coming years.

Funding for the transaction is provided through a combination of equity from Grasim Industries and Global Infrastructure Partners, a BlackRock entity, and $1.5 billion in acquisition financing solely underwritten by MUFG Bank (Europe) N.V. The loan is a five-year facility raised via the external commercial borrowing route.

Shell is divesting the assets as part of a strategy to high-grade its power portfolio and recycle capital into an asset-backed trading strategy. The company confirmed that Sprng Energy employees will maintain their roles to ensure operational reliability. The deal is expected to close by December 31, 2026, pending regulatory approvals from the Competition Commission of India and the Central Transmission Utility of India Limited.