By Nidhi Dua
Founded in 2011, Aditya Birla Renewables Limited is the renewable energy arm of the Aditya Birla Group, a Fortune 500 conglomerate headquartered in Mumbai, India. The company was among the early entrants in India’s clean energy sector and participated in the Jawaharlal Nehru National Solar Mission. Over the years, Aditya Birla Renewables has steadily expanded its renewable energy footprint and has established itself as a key player in the renewable energy sector with a project portfolio of over 4.4 GW spread across the commercial and industrial (C&I) and utility segments.
The company delivered its first solar project for NTPC Limited – a 5 MW project in Rajasthan in October 2011, and the first state discom solar project at Bhadla, Rajasthan, in 2014. The company expanded into the C&I segment in 2018 with its first captive solar project for UltraTech Cement Limited. Furthermore, in 2022, the company signed its first power purchase agreement for a hybrid (solar and wind) power project.
The company’s key commissioned hybrid projects are for UltraTech Cement across Gujarat (22.26 MWp solar and 23.1 MW wind) and Madhya Pradesh (50.4 MW wind and 44.55 MWp solar), and for Grasim in Madhya Pradesh (54 MWp solar and 86.6 MW wind). In 2025, it expanded into floating solar with a 9.4 MWp project for Hindalco. Other key commissioned projects include 500 MW of solar projects at Veloda and Thavar, Gujarat, for Gujarat Urja Vikas Nigam Limited (GUVNL).
Furthermore, in one of the largest renewable energy transactions in India in recent years, Aditya Birla Renewables Limited entered into an agreement to acquire Solenergi Power Private Limited from Shell Overseas Investment B.V.
The acquisition includes 100 per cent equity shares and securities of Solenergi Power Private Limited, which owns the Sprng Energy group of companies. The transaction has an enterprise value of Rs 172 billion and is expected to strengthen Aditya Birla Renewables’ renewable energy portfolio.
Renewable Watch takes a look at Aditya Birla Renewables’ renewable energy portfolio, key project developments and long-term growth strategy in India’s evolving clean energy landscape…
Current portfolio
The company develops, owns and operates renewable energy assets and has a combined portfolio of around 9.3 GWp. Of this, Aditya Birla Renewables has organically built a diversified clean energy portfolio of over 4.4 GWp across India. It currently operates over 2 GW of renewable energy assets while maintaining a project pipeline of over 2.4 GWp. The portfolio comprises both utility-scale and C&I renewable energy projects, with C&I projects accounting for around 73 per cent of the portfolio and utility-scale projects contributing the remaining share. In terms of technology mix, solar dominates the portfolio with a 67 per cent share, while wind accounts for the remaining 33 per cent.
Additionally, the acquisition of Sprng Energy has added a contracted portfolio of around 5 GWp, comprising approximately 3.3 GWp of operational capacity and 1.7 GWp under construction. The transaction significantly expands the company’s renewable energy footprint while complementing its existing portfolio across the utility-scale and C&I segments.
Financial performance
For the financial year ended March 2026, the company reported a total income of Rs 2,511.96 million. The revenue from operations for the company stood at Rs 2,683.21 million, and other income was reported to be Rs 171.25 million. Furthermore, the total assets of the company increased to Rs 169,646.12 million in FY 2025-26 from Rs 136,794.39 million in FY 2024-25.
The company’s improving operational and financial profile was further recognised in February 2026 when CRISIL Ratings upgraded the outlook on its long-term bank facilities and non-convertible debentures (NCDs) to “Positive” from “Stable”, while reaffirming the ratings at CRISIL AA. The company’s short-term bank facilities rating was also reaffirmed at CRISIL A1+. The ratings cover bank loan facilities worth Rs 8.74 billion and NCDs aggregating Rs 25 billion.
According to CRISIL, the outlook revision reflects the expected improvement in the company’s operating performance, particularly in terms of plant load factor, supported by various operational initiatives undertaken by the company. The agency also highlighted the reduction in project execution risks following the completion of ongoing projects and the resolution of the Great Indian Bustard issue after the Supreme Court’s December 2025 ruling.
Further, the revision factors in the company’s improving project portfolio mix, with a higher share of operational assets, greater diversification across counterparties and geographies, and the planned capital infusion from new investors. These developments are expected to strengthen the company’s leverage profile and enhance its overall financial flexibility.
Future expansion plans and the way
forward
The acquisition of Sprng Energy marks a significant milestone in Aditya Birla Renewables’ growth strategy, bringing together two complementary renewable energy platforms. With the integration of Sprng Energy’s utility-scale portfolio and Aditya Birla Renewables’ strong C&I presence, the combined platform is expected to benefit from a diversified asset base, a high quality portfolio of creditworthy offtakers and strong contracted cash flows. Furthermore, with the acquisition, the company has nearly achieved its earlier target of around 10 GWp ahead of schedule. It is now targeting a portfolio of over 20 GWp in the coming years.
The portfolio mix is gradually shifting from standalone solar to hybrid projects coupled with battery energy storage systems (BESSs) in order to provide customised renewable energy solutions based on consumer load profiles and applicable policies. Moreover, the company aims to expand its energy storage portfolio from 2026-27 onwards, strengthening its ability to deliver firm renewable power while complementing its existing solar, wind and hybrid assets. Its development pipeline includes interstate transmission system-connected hybrid projects, solar projects integrated with BESS, firm and despatchable renewable energy (FDRE) projects combining solar, wind and storage, and round-the-clock (RTC) renewable power solutions.
To support this strategy, the company is building a pipeline across resource-rich states such as Rajasthan, Gujarat, Maharashtra, Karnataka and Madhya Pradesh. It has already secured transmission connectivity for multiple projects across both Central Transmission Utility (CTU) and state transmission utility (STU) networks. The pipeline includes over 1.5 GWp of planned capacity with hybrid connectivity in Rajasthan, Gujarat and Madhya Pradesh.
Several factors support the company’s long-term growth outlook. It has a strong renewable energy pipeline, aligned with its capacity addition plans, along with the financial and operational capability to scale up efficiently. Like several of its deep-pocketed peers, Aditya Birla Renewables benefits from the financial strength and strategic backing of a large business group, positioning it to pursue both organic expansion and strategic acquisitions, as demonstrated by the recent acquisition of Sprng Energy. In addition, the Aditya Birla Group’s extensive industrial presence provides a strong captive market for renewable power while the company continues to diversify its C&I customer base beyond group entities, enhancing revenue visibility and reducing customer concentration risk.
While regulatory inconsistencies and infrastructure constraints remain key challenges, Aditya Birla Renewables continues to strengthen its position through scalable, customer-centric and technologically advanced renewable energy solutions. The company plans to expand both its intra-state and interstate portfolio, with an increasing focus on RTC and FDRE projects.
Overall, the company benefits from its experience across diverse renewable energy segments, including utility-scale projects, C&I hybrids, rooftop solar and floating solar. It also has a proven track record in executing both CTU- and STU-connected projects across multiple states, reinforcing its position in India’s renewable energy sector.
