The acquisition will add 5GW of renewable capacity to Aditya Birla Renewables’ portfolio, strengthening its position in India’s rapidly expanding clean energy market.
Aditya Birla Renewables, the clean energy arm of Grasim Industries, will acquire Shell-owned Sprng Energy in a US$1.8 billion deal, including debt, marking one of India’s largest renewable energy acquisitions, according to Reuters.
The acquisition will add 5GW of renewable energy capacity to Aditya Birla Renewables’ portfolio, taking its total capacity to 9.3GW and strengthening its presence in India’s fast-growing clean energy sector.
Grasim said the final equity consideration will be determined after adjustments for debt and cash. The transaction will be financed through a mix of debt, equity infusion from Grasim, and funds managed by Global Infrastructure Partners, a unit of BlackRock. The deal is expected to close by the end of 2026, subject to customary conditions.
India is targeting 500GW of non-fossil fuel power capacity by 2030, up from about 283GW currently, attracting significant investments from domestic conglomerates and global energy firms.
The country’s renewable energy market is currently led by Adani Green Energy and ReNew Energy Global. With this acquisition, Aditya Birla Renewables is set to emerge as one of the country’s largest clean energy players.
The transaction also reflects a broader industry trend, with energy majors including BP and Equinor scaling back renewable investments to focus on their core oil and gas businesses. Reuters had earlier reported that Shell was reviewing strategic options for Sprng Energy, which it acquired in 2022 for US$1.55 billion. “The deal takes the group’s renewables portfolio to 9.3GW,” Grasim said.
