Aditya Birla Renewables (ABRen) will acquire Shell's entire stake in Solenergi Power, the holding company of Sprng Energy
The acquisition adds Sprng Energy's 5 GW portfolio to ABRen's platform
ABRen says it supports the company’s plan to scale beyond 20 GW, while Shell exits as part of its strategy to improve returns
Renewable energy company Solenergi Power Private Limited, which owns Sprng Energy, is set to change hands as global energy major Shell has agreed to sell its entire stake in the company to Aditya Birla Renewables Limited (ABRen). Valued at $1.8 billion, the transaction is among the largest renewable energy acquisitions in India by both value and portfolio size, according to ABRen.
The acquisition includes Shell's entire stake in Solenergi Power Private Limited, covering the Sprng Energy group of companies, its physical assets, and associated commercial contracts.
Sprng Energy has a 5 GW renewable energy portfolio comprising 3.3 GW of operational capacity and 1.7 GW under contract across solar and wind projects. The company supplies clean electricity to power distribution companies across India.
The deal, due to complete by 2026-end, will expand ABRen’s pan-India portfolio of solar, wind, hybrid, floating solar, and battery storage projects. ABRen is the renewable energy platform of Indian conglomerate Aditya Birla Group. It counts Global Infrastructure Partners of BlackRock as a strategic investor in the company.
“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 to 20 GWp+ in the coming years,” said Aditya Birla Group Chairman Kumar Mangalam Birla. “More importantly, it positions us to participate meaningfully in one of the largest energy transformations underway anywhere in the world.”
ABRen and Aditya Birla Group Director Aryaman Vikram Birla said the company has almost achieved its 10 GW target ahead of time and that it is on track to double capacity in the next few years.
Shell said the divestment aligns with the strategy outlined at its 2025 Capital Markets Day to streamline its power portfolio, focus on its asset-backed trading business, flexible power generation, and improve returns by 2030.
Shell acquired Solenergi and Sprng Energy from Actis in 2022 for a total of $1.55 billion via its wholly owned subsidiary Shell Overseas Investment B.V. (see Actis To Sell Indian Renewables Platform To Shell).
