Aditya Birla Renewables is exploring $1.5 billion in rupee-denominated financing to support its $1.8 billion acquisition of Shell's Indian renewable energy business, with longer-term project loans at the centre of its funding strategy.
A major renewable energy acquisition is taking shape in India, with Aditya Birla Renewables exploring a new financing structure to support its expansion in the sector.
The Aditya Birla Group company is seeking approximately $1.5 billion in rupee-denominated loans to fund its planned purchase of Solenergi Power, Shell Plc’s Indian renewable energy subsidiary.
According to a Reuters report published on October 9, 2026, citing three bankers familiar with the discussions, the company is considering longer-term project financing as an alternative to an earlier bridge loan arrangement.
A $1.8 Billion Renewable Energy Deal
Aditya Birla Renewables agreed in July 2026 to acquire Solenergi Power for $1.8 billion. The transaction includes the Sprng Energy group companies, bringing an established renewable energy business into the Aditya Birla Group’s portfolio.
To support the acquisition, the company had previously secured a $1.6 billion bridge loan commitment from MUFG Bank, according to bankers cited by Reuters.
It is now exploring a financing structure based on longer-term, rupee-denominated loans, which could provide funding more closely aligned with the underlying renewable energy projects.
Bridge loans typically provide interim financing, while project-level borrowing can be structured around the assets and expected operating life of individual developments.
Financing Across Multiple Projects
The proposed loans are expected to be distributed across approximately 17 to 20 special purpose vehicles, each holding individual renewable energy projects.
These include both operational assets and projects under construction.
According to one banker, the financing tenors could extend across approximately 80% of the respective projects’ lifecycles.
This approach would allow the acquisition financing to be organised around the individual assets, potentially creating a longer-term funding arrangement for the expanded business.
Aditya Birla Renewables has reportedly approached several Indian lenders, including State Bank of India and HDFC Bank, as it evaluates the proposed loans.
The Next Step in the Acquisition
The acquisition had not closed at the time of the October 9 report, giving Aditya Birla Renewables additional time to finalise its financing arrangements before payment became due.
The company and the banks mentioned in the report had not provided comments to Reuters when the story was published.
The planned transaction highlights the role of structured financing in supporting large renewable energy acquisitions, particularly as companies look to align borrowing arrangements with the long-term nature of energy infrastructure.
For Aditya Birla Renewables, completing the Solenergi acquisition would mark another step in expanding its presence in India’s renewable energy industry.
Sources: Reuters, October 9, 2026; The Economic Times; ET EnergyWorld
