Kumar Mangalam Birla.
Aditya Birla Renewables Limited (ABREN), a unit of Aditya Birla Group company Grasim Industries, has agreed to acquire Spring Energy from Shell Overseas Investment BV for about $ 1.8 billion (about Rs 17,200 crore). This deal will pave the way for the formation of one of the largest integrated renewable energy platforms in the country. Aditya Birla Group said in a statement that this acquisition will increase the total renewable energy capacity of ABREN to about 9.3 gigawatt-peak (GWP). This includes about 3.3 GWp of ongoing projects and 1.7 GWp of projects under construction. The amount of equity to be given to Shell Overseas under the deal will be determined after adjusting for debt, cash and other items.
The deal will be completed by the end of the year
According to the statement, the funding for this acquisition will be done through a mix of debt and equity from funds managed by Grasim Industries and Global Infrastructure Partners operated by BlackRock. The deal will combine ABREN’s commercial and industrial (C&I) renewable energy business with Spring Energy’s user-level portfolio. It is expected to be completed by the end of 2026, subject to necessary regulatory approvals and other formalities. Aditya Birla Group Chairman Kumar Mangalam Birla said that the group has built global level businesses over a long period of time and looks at India’s energy transition from the same perspective. This deal will be helpful in strengthening the energy future of the country and laying the foundation for economic growth.
This deal is very important
Group Director Aryaman Vikram Birla said that this acquisition is an important milestone for ABREN and will accelerate its efforts towards building a leading renewable energy platform at the national level. Jayant Dua, business head, ABREN, said the integration of the two companies will enhance operational efficiency and speed up the execution of projects by coordinating project development, engineering, procurement, construction and asset management. The company said the joint venture will have a diversified portfolio and strong project pipeline, with the aim of achieving more than 20 GW-peak capacity in the coming years.
