India-based industrial conglomerate Aditya Birla Group’s announced today the acquisition by BlackRock’s infrastructure investment unit Global Infrastructure Partners (GIP) of a minority stake in its clean energy solutions subsidiary Aditya Birla Renewables (ABREN) for INR 20 billion (USD$225 million), in a deal valuing the company at an enterprise value of approximately $1.6 billion.
The deal also includes an option for an additional investment by GIP of another INR 10 billion (USD$110 million).
The new investment comes as India continues to scale up its investments in clean energy, with the country aiming to reach 500 GW of installed renewable energy capacity by 2030. India announced a series of 2030 climate commitments in 2022, including a pledge to reduce emissions intensity by 45% and to transition to approximately 50% electric power from non-fossil-based sources.
Founded in 2011, ABREN provides renewable energy solutions across India including solar, floating solar, solar-wind hybrid, wind, and battery storage, and also focuses on clean energy technologies including green hydrogen and green ammonia. The company has built a 4.3 GW pan-India renewable energy portfolio.
According to Aditya Birla Group Chairman Kumar Mangalam Birla, the new investment will support the acceleration of the ABREN renewables platform, with a target to reach capacity of more than 10 GW.
Birla said:
“India stands at the cusp of an energy transformation, arguably one of the largest anywhere in the world. The scale of the renewables opportunity in India is extraordinary, driven both by the urgent imperative of decarbonisation, and the sheer arithmetic of demand. This business sits squarely at the intersection of national energy security and climate leadership, two defining priorities for the coming decades.”
BlackRock acquired GIP in 2024 for $12.5 billion, citing emerging long-term opportunities in areas including decarbonization, energy security, digital infrastructure, and supply chain transitions. The new deal marks one of the largest primary commitments for a minority stake in a renewables platform in India to date.
Mr. Raj Rao, GIP President and Chief Operating Officer, said:
“GIP’s experience in infrastructure across the globe, combined with Aditya Birla’s technical, operational and industrial capabilities, aims to develop Aditya Birla Renewables into a leading renewable platform that can contribute to the Indian industry’s decarbonization objective. Our investment reflects GIP’s confidence in India’s renewables sector and our commitment to advancing the energy transition in India.”
