Aditya Birla Renewables, a subsidiary of Aditya Birla group controlled-Grasim Industries Ltd, has signed an agreement to acquire 100% equity shares and securities of Solenergi Power Pvt Ltd, which owns the Sprng Energy group of companies, from Shell Overseas Investment B.V, a wholly owned subsidiary of UK’s Shell PLC. The transaction is at an enterprise value of Rs 17,200 crore ($1.8 billion).
The Birla buyout is among the largest acquisitions in the country’s renewable energy sector both by value and scale.
“The equity consideration payable to the seller will be determined after adjusting for debt, cash, and other items as specified in the transaction documents,” the Birla group said. The acquisition is proposed to be funded through a mix of debt and equity infusion from Grasim and funds managed by Global Infrastructure Partners — part of Blackrock.
This transaction adds a contracted portfolio of 5 GWp capacity (3.3 GWp of operational capacity and 1.7 GWp of under construction capacity) along with a strong connectivity and development pipeline, it said.
The acquisition significantly accelerates ABRen’s renewable energy growth ambitions by combining its strong presence in the Commercial & Industrial (C&I) segment with Sprng Energy’s complementary utility-scale platform, the group said.
Big bet on India’s energy transition
Solenergi Power is an investment holding company incorporated in Mauritius that serves as a direct shareholder in the Indian renewable energy platform Sprng Energy.
In August 2022, Shell completed the 100% acquisition of Solenergi Power from the British private equity firm Actis. The deal, valued at $1.55 billion, granted Shell full control of the Sprng Energy group.
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“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,” Kumar Mangalam Birla, Chairman, Aditya Birla Group, said.
“This agreement reflects Shell’s continued focus on adjusting the portfolio in our power business,” said Machteld de Haan, President, 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 in Capital Markets Day 2025. This is another step in building a more focused, competitive and resilient business while improving returns year on year towards 2030.”
“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,” Birla said.
Capacity expansion on track
The transaction is expected to be completed before the end of the calendar year 2026, subject to the receipt of necessary regulatory approvals and satisfaction of other customary conditions under the transaction documents.
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“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,” said Aryaman Vikram Birla, Director, Aditya Birla Group and Aditya Birla Renewables.
ABRen has emerged as one of India’s largest C&I focused renewable energy platforms with a portfolio of 4.4 GWp. Leading corporates such as Grasim, Hindalco, UltraTech, Century Enka, among others, partner with ABRen to develop and operate captive renewable power projects.
Shell is a global group of energy and petrochemical companies, employing around 85,000 people across more than 70 countries. Shell’s activities include oil and gas exploration and production, and the marketing of fuels, lubricants and chemical products. Shell also offers low-carbon energy products and solutions.