Aditya Birla Group (ABG) announced today it will acquire Sprng Energy from Shell for approximately $1.8 billion, marking one of India’s largest renewable energy transactions to date by both value and scale.

The acquisition significantly expands Aditya Birla Renewables (ABRen), transforming the unit into one of India’s largest integrated renewable energy platforms with a combined portfolio of 9.3 GWp. The deal adds roughly 5 GWp of contracted capacity, encompassing both operational and under-construction assets, along with a substantial development pipeline that positions ABG to accelerate toward its stated goal of building a 20 GWp-plus national renewables platform in the coming years.

The transaction represents a strategic pivot for ABG, which has historically maintained a strong footing in the Commercial & Industrial (C&I) segment of India’s renewable energy market. With the addition of Sprng Energy’s assets, ABG now moves into a diversified model spanning both C&I and utility-scale power generation, broadening its exposure across India’s rapidly growing clean energy sector.

Funding for the acquisition is proposed through a combination of debt financing and equity infusion, with capital contributions from Grasim Industries and funds managed by Global Infrastructure Partners (GIP), the infrastructure investment platform now under BlackRock. The involvement of GIP underscores continued global institutional appetite for large-scale renewable energy platforms in emerging markets, particularly India, which remains a focal point for international infrastructure capital amid the country’s ambitious clean energy targets.

The deal is expected to close before the end of 2026, pending customary regulatory approvals.

Mr. Kumar Mangalam Birla, Chairman, Aditya Birla Group, said; “Over a long arc of time, the Aditya Birla Group has built businesses at global scale that have contributed to India’s long-term growth, be it in building materials, metals, financial services, or retail. We view India’s energy transition through the same lens. At its core, this is about strengthening our nation’s energy future, enhancing industrial competitiveness, and creating the foundations for sustained economic growth.” He added, “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. More importantly, it positions us to participate meaningfully in one of the largest energy transformations underway anywhere in the world.”

Mr. Aryaman Vikram Birla, Director, Aditya Birla Group and Aditya Birla Renewables, said; “This acquisition is a pivotal moment in ABRen’s evolution, rapidly accelerating our ambition to build a top-tier renewable energy platform at national scale. By integrating Sprng Energy’s high-quality utilities portfolio with our C&I capabilities, we are significantly enhancing both the strength and resilience of our combined platform. Additionally, Sprng Energy brings a high-quality asset base, creditworthy off-takers and strong contracted cashflows.”

He added, “Having almost achieved our ~10 GWp target ahead of time, we are now on track to double capacity in the next few years. This step-up reflects not just scale, but a sharper focus on quality, execution, and long-term value creation.”

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Mr. Jayant Dua, Business Head, Aditya Birla Renewables Limited, said; “This combination brings together two strong renewable energy platforms with complementary capabilities, geographical presence, customer relationships, and a talented pool of professionals across key functional areas. By leveraging our collective expertise across project development, engineering, procurement, construction, and asset management, we believe we can unlock meaningful operational synergies, significantly deepen our organizational capabilities, and accelerate project execution. Our priority will be to ensure business continuity, deliver reliable clean power to customers, and continue building a best-in-class renewable energy platform.”

For Shell, the divestiture continues a broader trend among international energy majors reassessing and streamlining their renewable energy portfolios in select geographies, opting to reallocate capital toward core markets and priority growth areas. For ABG, the acquisition cements its ambitions to become a top-tier player in India’s renewable energy build-out, as the country continues to scale utility and industrial-grade clean power capacity to meet both domestic demand and international climate commitments.

The transaction adds to a string of high-value renewable energy M&A activity in India this year, as global investors and conglomerates continue to consolidate assets in one of the world’s fastest-growing clean energy markets.