Aditya Birla Renewables (ABRen), a subsidiary of Grasim Industries, has secured a $1.6bn (Rs153.17bn) term loan facility from MUFG for the proposed acquisition of Solenergi Power Private, including the Sprng Energy group of companies.
MUFG served as the mandated lead arranger, underwriter and bookrunner for the funding
The loan is intended to help ABRen complete its previously announced agreement to purchase 100% of Solenergi Power Private, which owns the Sprng Energy assets, from Shell Overseas Investment, a wholly owned subsidiary of Shell. The agreement, signed in July 2026, values the transaction at approximately Rs173.22bn, with final payment subject to adjustments for debt, cash and other defined items. Sprng Energy’s portfolio consists of a total of 5GW-peak (GWp) of solar and wind assets, with 3.3GWp in operation and a further 1.7GWp in contracted capacity.
The company supplies electricity generated from solar and wind assets to distribution companies across India. As part of the deal, Shell is selling its 100% stake in Solenergi, which encompasses the Sprng Energy group, associated physical assets and commercial arrangements. MUFG APAC Capital Markets Group co-head Shailesh V said: “This transaction underscores MUFG’s continued leadership in acquisition finance and our ability to provide capital certainty for strategically significant M&A [mergers and acquisitions] 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.” ABRen’s acquisition move is expected to increase its renewable energy portfolio to 9.3GWp upon completion, establishing it among the largest integrated clean energy platforms in India.