Shell has agreed to sell its Indian renewable energy platform, Sprng Energy, to Aditya Birla Renewables Limited (ABRen) for US$1.8 billion (about N$29.6 billion).
Shell says the sale forms part of its strategy to streamline its power business and focus on investments that support higher returns.
“This agreement reflects Shell’s continued focus on adjusting the portfolio in our power business,” Shell president of downstream, renewables and energy solutions Machteld de Haan says.
“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,” she says.
Sprng Energy develops and supplies electricity from solar and wind projects across India. Its portfolio includes 5.0 gigawatts-peak (GWp) of renewable energy assets, comprising 3.3GWp already in operation and a further 1.7GWp under contract.
As part of the agreement, ABRen will acquire all of Sprng Energy’s physical assets and commercial contracts.
Shell says employees of Sprng Energy will remain with the business under its new owner, ensuring continuity for staff and maintaining operational stability.
The transaction is expected to be completed before the end of 2026, subject to regulatory approvals and the fulfilment of customary closing conditions.
The US$1.8-billion purchase price will also be adjusted at closing to account for factors such as net debt and capital expenditure.
Shell announced earlier this year that it would narrow the focus of its power business by prioritising asset-backed electricity trading, reducing exposure to lower-return projects and concentrating on flexible power generation.
ABRen is the renewable energy platform of the Aditya Birla Group, with Global Infrastructure Partners, part of BlackRock, serving as a strategic investor.
The company develops and operates solar, wind, hybrid, floating solar and battery storage projects across India.
