Shell Overseas Investment, a wholly owned subsidiary of Shell, signed an agreement with Aditya Birla Renewables to sell 100% of Solenergi Power, which includes the Sprng Energy group of companies, for $1.8 billion. Shell had acquired Solenergi and the Sprng Energy group from Actis Solenergi in 2022.
“This agreement reflects Shell’s continued focus on adjusting the portfolio in our power business,” said Machteld de Haan, president for 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 are expected to continue employment with the new owner, and the transaction is expected to be complete by the end of 2026.
Sprng Energy supplies solar and wind power to electricity distribution companies in India. Its portfolio consists of 5.0 GWp of assets (3.3 GWp operating and 1.7 GWp contracted).
Since Wael Sawan became CEO of Shell in 2023, the company has worked to realign its renewables and power portfolios, scaling back its offshore wind efforts and selling solar assets.
In 2024, Reuters reported that Shell’s Savion subsidiary planned to sell about a quarter of its solar generation and storage assets. In 2025, Shell announced that Savion would transfer majority ownership of five solar assents in the US to Tango Holdings, a joint venture with Savion and Ares Infrastructure Opportunities. Shell said in a release at the time that the transaction “reflects Shell’s strategy to selectively develop renewable generation projects and reduce ownership as they mature, enabling the company to build scale efficiently, improve capital returns, and maintain cost discipline.”
Also in 2024, Shell announced that it would be backing away from offshore wind investments, adding that it would continue with projects currently underway. The company said in a statement at the time, “While we will not lead new offshore wind developments, we remain interested in offtakes where commercial terms are acceptable and are cautiously open to equity positions, if there is a compelling investment case.”
Shell said at Capital Markets Day in March 2025 that it is focusing on an asset-backed trading strategy in its power business. Earlier, in December 2024, Reuters reported that Shell Energy would be split into two power generation and trading units, Shell Power and Shell Energy.