Sprng Energy changes hands again: A timeline of Shell’s $1.8 billion sale to Aditya Birla Group
Indian renewable energy platform Sprng Energy has changed hands twice in less than four years. In the latest chapter of its ownership journey, Shell Plc
Indian renewable energy platform Sprng Energy has changed hands twice in less than four years. In the latest chapter of its ownership journey, Shell Plc on Monday announced the sale of Sprng Energy to Aditya Birla Renewables Ltd (ABRen) in a deal with an enterprise value of $1.8 billion. Here's a timeline of Sprng Energy's evolution since its inception. January 2017: Actis sets up Sprng Energy. August 2022: Actis sells Sprng Energy to Shell at an enterprise value of $1.55 billion. 2023: Aditya Birla Group hires Standard Chartered to sell up to a 49% stake in its renewable energy business. Also Read | Why are renewable firms tapping the broader value chain January 2023: Wael Sawan takes over as Shell's chief executive and begins pivoting away from green energy investments toward higher-return fossil fuel businesses.
March 2024: Shell says it would cut emissions slowly. October 2024: Great Atlantic acquires Actis. 2024: Qatar's Nebras Power puts on hold its plan to acquire up to a 49% stake in Aditya Birla Group's renewable energy business for around $400 million. October 2025: Shell sells its 49% stake in pan-Asian solar developer Cleantech Solar to Singapore's Keppel Ltd. 2025: Actis, Blackstone and Brookfield emerge among the interested bidders in Shell's Sprng Energy sale process, to be run by Barclays. July 2026: Aditya Birla Renewables Ltd (ABRen), a subsidiary of Grasim Industries Ltd, acquires Sprng Energy from Shell at an enterprise value of $1.8 billion.
Sprng Energy has 3.3 gigawatts (GW) of operational capacity, while another 1.7 GW is under construction. Following the acquisition, Aditya Birla Renewables Ltd's renewable energy capacity will increase to about 9.3 GW, according to a statement from the Aditya Birla Group. Also Read | Three years after selling Sprng to Shell, Actis eyes buying it back The acquisition will make ABRL the fifth-largest renewable energy company in India, after Adani Green Energy, ReNew Power, Tata Power and NTPC Green Energy. According to Kumar Mangalam Birla, chairman of the Aditya Birla Group, the acquisition aligns with the company's ambition to build 20 GW of renewable energy capacity over the coming years.
“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,” he said.
The BriefWire