Aditya Birla Renewables has agreed to acquire Shell-backed Sprng Energy for $1.8 billion, expanding its renewable energy portfolio to around 9.4 GW.
Aditya Birla Renewables Ltd (ABRen), a subsidiary of Grasim Industries Ltd, has signed a definitive agreement to acquire 100% of the equity shares and securities of Solenergi Power Pvt Ltd, the holding company of the Sprng Energy group, from Shell Overseas Investment B.V., a subsidiary of Shell.
The transaction values Sprng Energy at an enterprise value of INR 17,200 crore ($1.8 billion), making it one of the largest renewable energy acquisitions in India by transaction value and scale.
Sprng Energy develops and operates utility-scale solar and wind projects that supply electricity to distribution companies across India. The company has a renewable energy portfolio of 5 GW, comprising 3.3 GW of operational assets and 1.7 GW of contracted projects.
The transaction value remains subject to customary closing adjustments, including net debt and capital expenditure adjustments.
