Shell and India-based industrial conglomerate Aditya Birla Group’s clean energy solutions subsidiary Aditya Birla Renewables (ABREN) announced an agreement for ABREN to acquire renewable energy platform Sprng Energy, marking one of the largest acquisitions in India’s clean energy sector by both value and scale.
The deal values Sprng at $1.8 billion, and includes a portfolio of 5 GW of capacity, representing approximately four-fifths of Shell’s renewable energy capacity, which stood at 6.1 GW at the end of 2025.
Sprng was launched in 2017 by sustainable infrastructure investor Actis, and acquired by Shell in 2022 for $1.55 billion. At the time, the acquisition tripled, Shell’s operational renewables capacity, with the company noting that the acquisition would help it deliver its “Powering Progress” strategy, which included a target to be a net-zero energy business by 2050 across Scope 1, 2 and 3 emissions, and invest in renewable and clean energy solutions.
Shell said that the new transaction will support its updated strategy, announced by the company in March 2025, which includes a focus in its Power business on high-grading the portfolio and rebalancing towards flexible generation, with the aim of improving business performance and progressing towards around 10% ROACE by 2030.
Machteld de Haan, President, Downstream, Renewables and Energy Solutions at Shell, said:
“This agreement reflects Shell’s continued focus on adjusting the portfolio in our power business. We are high-grading our power portfolio and recycling capital in service of our asset-backed trading strategy outlined in Capital Markets Day 2025.”
The transaction follows the acquisition late last year by BlackRock’s infrastructure investment unit Global Infrastructure Partners (GIP) of a minority stake in ABREN, aimed at supporting the expansion of the renewable energy platform, which stood at 4.3 GW at the time, with a target to reach capacity of more than 10 GW.
ABREN said that the acquisition will be funded through a mix of debt and equity from Aditya irla Group’s flagship company Grasim and funds managed by GIP.
The new acquisition will establish ABREN as one of the largest renewable energy players in India, expanding its portfolio to 9.3 GW of capacity in operation and under construction. India has been actively scaling 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. The government announced this week that it has already achieved its goal to reach 50% of installed power from non-fossil sources, ahead of its 2030 target.
Aditya Birla Group Chairman Kumar Mangalam said:
“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.”
