Shell plc said Shell Overseas Investment B.V. has signed an agreement to sell 100% of Solenergi Power Private Limited, the holding company of Sprng Energy, to Aditya Birla Renewables Limited for $1.8 billion. Completion is expected by the end of 2026, subject to regulatory approvals and other closing conditions.
Aditya Birla Group said the transaction values the business at an enterprise value of INR 17,200 crore, with the final equity consideration to be determined after adjustments for debt, cash and other items set out in the transaction documents.
The assets include about 5 GWp of contracted renewable capacity in India, comprising roughly 3.3 GWp in operation and 1.7 GWp under construction, as well as a connectivity and development pipeline. Aditya Birla said the acquisition would increase its renewable portfolio to about 9.3 GW.
Aditya Birla said the purchase will be funded through a mix of debt, an equity infusion from Grasim, and capital from funds managed by Global Infrastructure Partners, part of BlackRock. Shell said the sale is part of portfolio adjustments in its power business and that Sprng employees are expected to continue with the business under the new owner. Shell acquired Solenergi Power in 2022 at an enterprise value of about $1.55 billion.