Aditya Birla Renewables Limited (ABREN), the renewable energy arm of Grasim Industries, has entered into an agreement to acquire Sprung Energy from Shell Overseas Investment BV in a transaction valued at approximately $1.8 billion. This acquisition will create one of India’s largest integrated renewable energy platforms.In a statement, the Aditya Birla Group company said the deal gives Spring Energy an enterprise value of Rs 17,200 crore ($1.8 billion).The acquisition will bring approximately 5 gigawatt-peak (GWp) of contracted renewable energy capacity to Abirain’s portfolio, including approximately 3.3 GW of operational projects and another 1.7 GW currently under construction. Following the transaction, ABRen’s total portfolio will expand to approximately 9.3 GWp.The final equity payment to Shell will be calculated taking into account adjustments related to debt, cash and other items specified in the transaction agreements.According to the company, the acquisition will be financed through debt and equity contributed by Grasim Industries and a fund managed by Global Infrastructure Partners, a part of BlackRock.The transaction will integrate Abirain’s commercial and industrial renewable energy business with Sprung Energy’s utility-scale renewable portfolio. Subject to regulatory approvals and other customary closing conditions, the deal is expected to be completed before the end of 2026.“Over the long term, the Aditya Birla Group has built businesses globally that have contributed to India’s long-term growth, be it in building materials, metals, financial services or retail.Kumar Mangalam Birla, Chairman, Aditya Birla Group, said, “We see India’s energy transformation from a single perspective. At its core, it is about strengthening our country’s energy future, enhancing industrial competitiveness and laying the foundation for sustained economic growth.”He said the acquisition unites two businesses with highly complementary strengths and represents an important milestone in Abirene’s growth. The combined entity will have a diverse portfolio and a strong project pipeline, providing a clear path to capacity expansion of over 20 GWp in the coming years.He said, “This acquisition brings together two highly complementary platforms and is a significant milestone in Abirene’s growth. Together, we will have a diversified portfolio and a deep development pipeline that will position us to scale to 20 GWp+ in the coming years. More importantly, it positions us to meaningfully participate in one of the largest energy transformations underway anywhere in the world.”The Company expects to complete the transaction before the end of calendar year 2026, subject to receiving the requisite regulatory approvals and meeting other customary conditions set forth in the transaction documents.
