Shell has agreed to sell its entire stake in Solenergi Power, including the Sprng Energy group of companies, to Aditya Birla Renewables (ABRen) in a transaction valued at $1.8 billion.
The agreement, signed by Shell Overseas Investment, a subsidiary of Shell, aligns with the company’s strategy to optimize its power portfolio and recycle capital into higher-return businesses. The $1.8 billion deal remains subject to customary closing adjustments, including net debt and capital expenditure (capex) adjustments, and is expected to close by the end of 2026, pending regulatory approvals and customary closing conditions.
Sprng Energy is one of India’s major renewable power developers, supplying electricity generated from solar and wind projects to power distribution companies across the country. Its portfolio comprises 5.0 gigawatts-peak (GWp) of renewable energy assets, including 3.3 GWp of operational capacity and 1.7 GWp of contracted projects under development.
Shell said the sale supports the strategic direction announced during its Capital Markets Day 2025, where it outlined plans to sharpen its focus on an asset-backed trading strategy within its power business.
The company is prioritizing portfolio high-grading, increasing exposure to flexible power generation, and maintaining disciplined project execution across global markets to achieve approximately 10 percent return on average capital employed (ROACE) by 2030.
Despite exiting Sprng Energy, Shell emphasized that India remains a key growth market for its operations. The company continues to operate an integrated gas value chain spanning global LNG supply, regasification at Hazira, downstream gas sales, Shell Mobility, and Shell Lubricants. Shell also recently expanded its lubricants business through the acquisition of Raj Petro Specialities.
Shell confirmed that all Sprng Energy employees will continue their employment under the new ownership, ensuring business continuity and operational stability after the transaction is completed.
For Aditya Birla Renewables, the acquisition significantly strengthens its position in India’s fast-growing clean energy market. ABRen, the renewable energy platform of the Aditya Birla Group, is backed by Global Infrastructure Partners (GIP), part of BlackRock, as a strategic investor. The company develops and operates a diversified renewable energy portfolio across India, including solar, wind, hybrid, floating solar, and battery energy storage projects.
The acquisition of Sprng Energy’s 5.0 GWp portfolio is expected to accelerate ABRen’s expansion while reinforcing India’s transition toward large-scale renewable energy generation.
SHAFANA FAZAL
