en.Wedoany.com Reported - Grasim Industries' subsidiary Aditya Birla Renewables (ABRen) has signed an agreement to acquire Sprng Energy group companies from Shell Overseas Investments for $1.8 billion (approximately ₹173.22 billion, including debt), adding about 5 GW peak capacity to its renewable energy portfolio.
The transaction covers full ownership of Solenergi Power Private and its Sprng Energy unit. The acquisition will add approximately 5 GW peak (GWp) capacity to ABRen's portfolio, including about 3.3 GWp of operational assets and 1.7 GWp of projects under construction.
Sprng Energy currently supplies solar and wind power to power distribution companies in India and manages a portfolio of operational and contracted assets, with additional capacity under construction. The acquisition will be jointly financed through Grasim's debt and equity contributions, as well as funds managed by BlackRock's Global Infrastructure Partners. Subject to regulatory approvals and standard closing conditions, the transaction is expected to be completed by the end of 2026.
The expanded renewable energy portfolio will total approximately 9.3 GWp, making ABRen one of the leading players in this sector in India. Aryaman Vikram Birla, Director of Aditya Birla Group and ABRen, stated that this acquisition is a key milestone in ABRen's development journey, rapidly advancing its vision of building a top-tier national renewable energy platform. By integrating Sprung Energy's high-quality utility portfolio with its C&I commercial and industrial capabilities, the combined platform's strength and resilience will be significantly enhanced. He further noted that having nearly achieved the ~10 GWp target ahead of schedule, the company is now poised to double capacity in the coming years, reflecting not just scale but a sharper focus on quality, execution, and long-term value creation.
British oil and energy company Shell stated that the sale aligns with its strategy to optimize its power portfolio for higher returns. Upon completion of the transaction, Sprung Energy employees are expected to remain in place, ensuring operational continuity. The final equity consideration will be determined after adjustments based on net debt, cash, and other contractual factors at closing. Last month, Shell announced plans to sell its offshore wind farms in a deal potentially worth over $1 billion, signaling a shift in focus away from renewable energy.
