The deal, valuing the company at an enterprise value of ₹17,200 crore, will be executed through a Share Purchase Agreement, allowing Aditya Birla Renewables to acquire 100% of the equity shares and other securities of Solenergi Power and its subsidiaries.
Solenergi Power, incorporated in Mauritius, serves as the holding company for Sprng Energy and Sprng Solar Plus.
This acquisition will enhance Aditya Birla Renewables’ footprint in the clean energy sector.
Solenergi Power boasts a contracted renewable energy portfolio of approximately 5 GWp, which includes 3.3 GWp of operational assets and 1.7 GWp currently under construction.
After the transaction, Aditya Birla Renewables’ renewable energy portfolio will grow from 4.4 GW to 9.4 GW, bringing it closer to its aim of achieving 20 GW of capacity within the next three years.
Financials
Solenergi Power has reported consolidated revenues of:
₹1,156.5 crore in FY23
₹1,158.1 crore in FY24
₹1,253.4 crore in FY25
Funding plan
Grasim indicated that the acquisition will be financed through a mixture of:
– Debt financing
– Equity contributions from Grasim Industries
– Investment from Global Infrastructure Partners (GIP), a wholly owned subsidiary of BlackRock
In December 2025, GIP invested ₹2,000 crore in Aditya Birla Renewables, including a greenshoe option of ₹1,000 crore, which valued the renewable energy platform at ₹14,600 crore.
According to the most recent data, Aditya Birla Renewables had:
Standalone debt: ₹6,879 crore
Consolidated debt: ₹36,915 crore
The acquisition is set to be finalized by the end of calendar year 2026, pending regulatory approvals and closing conditions.
Citi on Grasim
Brokerage firm Citi believes that Grasim Industries’ renewable energy acquisition may temporarily impact investor sentiment due to concerns regarding leverage and capital allocation.
Grasim’s 71%-owned subsidiary, Aditya Birla Renewables, has committed to acquiring 100% of Solenergi Power at an enterprise value of ₹17,200 crore. The funding for this acquisition is expected to arise from a combination of debt and equity.
Solenergi Power has a renewable energy portfolio totaling 5 GWp.
With a proposed debt-to-equity ratio of 80:20, Citi approximates the equity requirement for the transaction at around ₹3,400 crore.
The brokerage anticipates the equity infusion will come from Grasim and Global Infrastructure Partners (GIP), an entity owned by BlackRock, though it remains uncertain about the precise contribution from Grasim.
Citi expects Grasim to find a balance between financing the acquisition and maintaining capital for future growth. It predicts the company will provide less than 71% of the needed equity, potentially leading to a dilution of its stake in ABRL while maintaining majority ownership.
Citi also noted that ABRL’s standalone net debt-to-EBITDA ratio stood at 3.9x in FY26, with net debt amounting to ₹6,880 crore.
The brokerage remarked that the ₹4,000 crore dividend received from UltraTech Cement offers limited financial flexibility, as a significant portion has already been utilized. Specifically, ₹2,880 crore was invested as equity in Aditya Birla Capital, while ₹680 crore was distributed as dividends by Grasim.
Given the uncertainty regarding how the transaction will impact Grasim’s consolidated leverage, Citi believes the stock may experience negative reactions in the short term until further details are disclosed.
