Aditya Birla Renewables to acquire Sprng Energy in USD 1.8 billion deal
Aditya Birla Renewables Ltd will acquire Sprng Energy from Shell Overseas Investment BV in a USD 1.8 billion deal, expanding its renewable energy portfolio to about 9.3 GWp. The acquisition is expected to be completed by the end of 2026, subject to regulatory approvals
New Delhi: Aditya Birla Renewables Ltd (ABRen), a unit of Grasim Industries, has agreed to acquire Sprng Energy from Shell Overseas Investment BV in a deal valued at about USD 1.8 billion, creating one of India’s largest integrated renewable energy platforms.
The transaction values Sprng Energy at an enterprise value of Rs 17,200 crore (USD 1.8 billion), the Aditya Birla Group firm said in a statement.
The acquisition will add about 5 gigawatt-peak (GWp) of contracted renewable energy capacity, including around 3.3 GWp of operational assets and 1.7 GWp under construction, taking ABRen’s combined portfolio to about 9.3 GWp.
The equity consideration payable to Shell will be determined after adjustments for debt, cash and other items specified in the transaction documents.
The acquisition will be funded through a mix of debt and equity from Grasim Industries and funds managed by Global Infrastructure Partners, part of BlackRock, it said.
The deal combines ABRen’s commercial and industrial renewable energy business with Sprng Energy’s utility-scale portfolio and is expected to close before the end of 2026, subject to regulatory approvals and customary closing conditions.
“Over a long arc of time, the Aditya Birla Group has built businesses on a 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,” said Kumar Mangalam Birla, Chairman, Aditya Birla Group.
“This acquisition brings together two highly complementary platforms and marks an important milestone in ABRen’s evolution. Together, we will have a diversified portfolio and a deep development pipeline that puts us on course to scale up to more than 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,” he added.
Aryaman Vikram Birla, Director, Aditya Birla Group and Aditya Birla Renewables, said the acquisition is a pivotal moment in ABRen’s evolution, rapidly accelerating its ambition to build a top-tier renewable energy platform at the national scale.
“By integrating Sprng Energy’s high-quality utility portfolio with our C&I capabilities, we are significantly enhancing both the strength and resilience of our combined platform. Additionally, Sprng Energy brings a high-quality asset base, creditworthy off-takers and strong contracted cash flows,” he said.
He added, “Having almost achieved our 10 GWp target ahead of schedule, we are now on track to double our capacity in the next few years. This step reflects not just scale, but also a sharper focus on quality, execution and long-term value creation.”
Jayant Dua, Business Head, Aditya Birla Renewables, said the combination brings together two strong renewable energy platforms with complementary capabilities, geographical presence, customer relationships and a talented pool of professionals across key functional areas.
“By leveraging our collective expertise across project development, engineering, procurement, construction and asset management, we believe we can unlock meaningful operational synergies, significantly deepen our organisational capabilities and accelerate project execution.
“Our priority will be to ensure business continuity, deliver reliable clean power to customers and continue building a best-in-class renewable energy platform,” he said.
The transaction is expected to be completed before the end of the calendar year 2026, subject to the receipt of necessary regulatory approvals and the fulfilment of other customary conditions under the transaction documents.