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Aditya Birla Renewables Ltd. (ABReN), a subsidiary of Grasim Industries, has signed a definitive agreement to acquire Spring Energy from Shell in a transaction valued at INR 17,200 crore (approximately USUSD 1.8 billion), marking one of India's largest renewable energy acquisitions. The deal will add around 5 GW of contracted renewable energy capacity to ABReN's portfolio, taking its total capacity to 9.3 GW. The acquisition will be funded through a mix of debt, equity from Grasim Industries and investment from funds managed by Global Infrastructure Partners (BlackRock). Subject to regulatory approvals, the transaction is expected to close before the end of calendar year 2026.
Aditya Birla Renewables Ltd. (ABReN), the renewable energy platform of the Aditya Birla Group and a wholly owned subsidiary of Grasim Industries Ltd., has signed a definitive agreement to acquire Spring Energy from Shell Overseas Investment B.V. in a deal valued at INR 17,200 crore (approximately USUSD 1.8 billion). The acquisition ranks among the largest transactions in India's renewable energy sector by both value and operational scale and significantly strengthens the group's presence in the country's rapidly expanding clean energy market.
Under the agreement, ABReN will acquire 100% equity shares and securities of Solenergi Power Private Limited, the holding company that owns the Spring Energy group of companies. The enterprise value of the transaction is approximately INR 17,200 crore, while the final equity consideration payable to Shell will be determined after adjustments for debt, cash and other customary closing items. The acquisition will be financed through a combination of debt, equity infusion from Grasim Industries and capital from funds managed by Global Infrastructure Partners (GIP), part of BlackRock.
The acquisition adds a contracted renewable energy portfolio of nearly 5 GW, comprising approximately 3.3 GW of operational assets and 1.7 GW under construction, along with a substantial development pipeline and transmission connectivity. Following the acquisition, Aditya Birla Renewables' total portfolio will expand to 9.3 GW, bringing the company close to its previously announced 10 GW capacity target well ahead of schedule. The group has now set its sights on expanding renewable capacity beyond 20 GW over the coming years.
Spring Energy operates a diversified portfolio spanning solar, wind, hybrid and round-the-clock renewable energy projects across multiple states, including Gujarat, Rajasthan, Madhya Pradesh, Karnataka and Tamil Nadu. The company supplies clean power through long-term power purchase agreements with government agencies and commercial customers, making it a strategic fit for ABReN's existing renewable business, which has largely focused on the commercial and industrial (C&I) segment.
Commenting on the transaction, Kumar Mangalam Birla, Chairman of the Aditya Birla Group, said the acquisition represents another milestone in the group's long-term commitment to India's energy transition. He noted that Spring Energy brings a high-quality portfolio of renewable assets, strong contracted cash flows and creditworthy offtakers, enabling the group to accelerate its renewable energy ambitions while maintaining a focus on execution quality and long-term value creation.
The transaction also reflects the increasing consolidation underway in India's renewable energy sector, where developers are acquiring operational platforms instead of building greenfield assets to achieve scale more quickly. By integrating Spring Energy's utility-scale portfolio with ABReN's commercial and industrial renewable business, the company expects to unlock operational synergies across project development, engineering, procurement, construction and asset management.
The acquisition is expected to close before the end of calendar year 2026, subject to regulatory approvals and customary closing conditions. Once completed, it will position Aditya Birla Renewables among India's largest integrated renewable energy companies, strengthening its ability to support the country's clean energy targets while expanding its presence across utility-scale and commercial renewable power markets.
Source- Aditya Birla
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