Aditya Birla Renewables Limited (ABRen) has secured a $1.6 billion sole-underwritten term loan from MUFG to fund the acquisition of Solenergi Power Private Limited (Sprng Energy) from Shell Overseas Investment B.V. The transaction carries an enterprise value of INR 17,200 crore (approximately $1.8 billion), marking one of the largest consolidations in India’s renewable energy sector.
The Financing Facility and MUFG’s Mandate
MUFG acted as the Mandated Lead Arranger, Underwriter, and Bookrunner for the $1.6 billion facility, providing significant capital certainty for the acquisition. This sole-underwritten term loan is the cornerstone of a sophisticated funding mix designed to support the transition of Sprng Energy’s massive asset base.
The broader capital structure for the deal includes a strategic blend of debt and equity infusions from high-tier institutional partners:
- MUFG: Sole underwriter and lead arranger for the $1.6 billion term loan.
- Grasim Industries Ltd.: Direct equity infusion from ABRen’s parent entity.
- Global Infrastructure Partners (GIP): An investment of INR 20 billion (~225 million) for a minority stake, with an additional option for INR 10 billion (~110 million), via funds managed by GIP (part of BlackRock).
Strategic Acquisition Details: Sprng Energy Portfolio
The target, Solenergi Power Private Limited, serves as the investment holding company for the Sprng Energy group. The acquisition provides ABRen with a high-quality, geographically diversified portfolio of solar and wind assets with established connectivity.
| Asset Category | Capacity (GWp) |
| Operational Capacity | 3.3 GWp |
| Under-construction/Contracted Capacity | 1.7 GWp |
| Total Acquired Portfolio | 5.0 GWp |
The portfolio’s footprint spans seven key renewable-rich states: Rajasthan, Gujarat, Andhra Pradesh, Madhya Pradesh, Telangana, Karnataka, and Tamil Nadu.
Institutional Significance and Market Positioning
This acquisition represents a transformative leap for ABRen, a subsidiary of Grasim Industries. By integrating Sprng Energy’s utility-scale platform, ABRen is diversifying its counterparty risk and balancing its load profiles, moving beyond its traditional strength in the Commercial & Industrial (C&I) segment.
The transaction nearly doubles ABRen’s contracted portfolio from approximately 4.4 GWp to 9.3 GWp. Prior to the merger, as of June 30, 2026, ABRen’s standalone capacity stood at approximately 2 GWp operating and 2.4 GWp under construction. In response to the July 2026 announcement, credit rating agency ICRA placed ABRen’s [ICRA]AA long-term rating on watch with developing implications, reflecting the need to assess the business profile impact upon financial closure.
Executive Commentary
Leadership from the Aditya Birla Group and MUFG emphasized the deal’s role in India’s broader energy transition and ABRen’s scaling strategy.
“Over a long arc of time, the Aditya Birla Group has built businesses at global scale that have contributed to India’s long-term growth, be it in building materials, metals, financial services, or retail. We view India’s energy transition through the same lens. At its core, this is about strengthening our nation’s energy future, enhancing industrial competitiveness, and creating the foundations for sustained economic growth. 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.” — Mr. Kumar Mangalam Birla, Chairman, Aditya Birla Group
“This acquisition is a pivotal moment in ABRen’s evolution, rapidly accelerating our ambition to build a top-tier renewable energy platform at national scale. By integrating Sprng Energy’s high-quality utilities portfolio with our C&I capabilities, we are significantly enhancing both the strength and resilience of our combined platform. Having almost achieved our ~10 GWp target ahead of time, we are now on track to double capacity in the next few years.” — Mr. Aryaman Vikram Birla, Director, Aditya Birla Group and Aditya Birla Renewables
“This transaction underscores MUFG’s continued leadership in acquisition finance and our ability to provide capital certainty for strategically significant M&A transactions across Asia-Pacific. Combining our strong underwriting capability and leveraging our distribution platform across markets and currencies, we are proud to support Aditya Birla Renewables at this important stage of its growth journey.” — Shailesh V, MUFG APAC Capital Markets Group co-head
Operational Synergies and Counterparty Profile
The Sprng Energy assets are secured by long-term Power Purchase Agreements (PPAs) that provide high revenue visibility. The counterparty profile is exceptionally robust, with 81% of the total capacity contracted with central agencies and creditworthy entities including:
- Solar Energy Corporation of India (SECI)
- NTPC Limited
- NHPC Limited
- Indian Railways
- Gujarat Urja Vikas Nigam Limited (GUVNL)
The remaining 19% of the portfolio is tied to state distribution utilities in Madhya Pradesh, Karnataka, and Telangana. Jayant Dua, Business Head of ABRen, noted that the integration would allow the entity to leverage collective expertise across project development, engineering, and asset management to accelerate project execution and organizational depth.
Transaction Timeline and Closing Conditions
The transaction is expected to reach final legal and financial closure before December 31, 2026. Completion remains contingent upon:
- Receipt of necessary regulatory approvals.
- Satisfaction of customary closing conditions as stipulated in the share purchase agreement.
The deal effectively transitions Sprng Energy from Shell’s ownership to the Aditya Birla Group, establishing the combined platform as one of India’s preeminent integrated renewable energy players.
Official Sources & Citations
- Aditya Birla Group: Press Release: Aditya Birla Group to Acquire Sprng Energy from Shell (12 July 2026)
- ICRA Limited: Rating Rationale: Aditya Birla Renewables Limited Long-Term Rating Action (22 July 2026)
- CARE Ratings Limited (CareEdge): Credit Update: Grasim Industries Limited Acquisition Disclosures (22 July 2026)
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