Shell Overseas Investment B.V., a wholly owned subsidiary of Shell plc, has signed an agreement with Aditya Birla Renewables Limited (ABRen) to sell 100% of Solenergi Power Private Limited, which includes the Sprng Energy group of companies, for $1.8 billion.
'This agreement reflects Shell’s continued focus on adjusting the portfolio in our power business,' said Machteld de Haan, President, Downstream, Renewables and Energy Solutions at Shell. 'We are high-grading our power portfolio and recycling capital in service of our asset-backed trading strategy outlined in Capital Markets Day 2025. This is another step in building a more focused, competitive and resilient business while improving returns year on year towards 2030.'
Sprng Energy employees will continue employment with the new owner, supporting continuity for the workforce and ongoing operational reliability.
The transaction is expected to complete by the end of 2026, subject to regulatory approval and closing conditions.
Background
- Sprng Energy supplies solar and wind power to electricity distribution companies in India. Its portfolio consists of 5.0 gigawatts-peak (GWp) of assets (3.3 GWp operating and 1.7 GWp contracted).
- Shell is selling 100% of its interests in Solenergi Power Private Limited, which includes the Sprng Energy group of companies, including its physical assets and commercial contracts.
- The transaction value of $1.8 billion is subject to customary adjustments at closing, including net debt and capex adjustments.
- As shared at Capital Markets Day in March 2025, Shell is focusing on an asset-backed trading strategy in its Power business. This includes high-grading the portfolio, rebalancing towards flexible generation, and disciplined project execution across regions, with the aim of improving business performance and progressing towards around 10% ROACE by 2030.
- India remains an important market for Shell. In India, Shell’s gas business serves customers through a fully owned and integrated value chain from global LNG supply and regasification at Hazira to downstream sales, alongside Shell Mobility and Shell Lubricants business – recently expanded with the acquisition of Raj Petro Specialities.
- ABRen is Aditya Birla Group's dedicated renewable energy platform, with Global Infrastructure Partners, part of BlackRock, as a strategic investor. The company develops and operates a diversified pan-India portfolio of solar, wind, hybrid, floating solar, and battery storage projects.
Source: Shell
