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- Sprng Energy
Sprng Energy Acquisition, Valuation, Funding & Investors
Sprng Energy was acquired by Aditya Birla Renewables for $1.8B in July 2026.
Sprng Energy acquisition price
$1.8B
Acquired by Aditya Birla Renewables · Jul 2026
Cumulative funding Sprng Energy raised
$451M
across 1 funding round
Key investors in Sprng Energy
Actis
About Sprng Energy
Sprng Energy is a Mumbai-headquartered renewable energy platform in India backed by Actis. It develops and operates solar photovoltaic and onshore wind projects to supply clean power to commercial and industrial customers. The platform focuses on utility-scale assets in states including Rajasthan, Gujarat, and Karnataka, with long-term power purchase agreements ensuring stable off-take. Sprng Energy manages a portfolio emphasizing grid stability and storage integration to meet India's aggressive renewable targets.
Founded
2017
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Usage-based
Valuation
$1.8B (acquired Jul 2026)
Sectors
Sprng Energy Acquisition
Sprng Energy was acquired by Aditya Birla Renewables for $1.8B on 12 July 2026.
Before the acquisition Sprng Energy had raised $451M across 1 funding round.
Aditya Birla Renewables Limited (ABRen), a subsidiary of Grasim Industries, signed a definitive agreement in July 2026 to acquire 100% of Solenergi Power Private Limited (the holding company of Sprng Energy group) from Shell Overseas Investment B.V. for an enterprise value of INR 17,200 crore ($1.8 billion), including debt. The transaction value is subject to customary closing adjustments for net debt and capital expenditure, with completion expected by the end of 2026 pending regulatory approvals. The acquisition adds a contracted renewable energy portfolio of approximately 5 GWp (3.3 GWp operational and 1.7 GWp under construction) to ABRen, expanding its total renewable capacity to around 9.3–9.4 GW and positioning it among India's top-tier renewables players. Funding will combine debt and equity from Grasim Industries and funds managed by Global Infrastructure Partners (GIP), a BlackRock company, allowing ABRen to secure assets at a public market valuation discount while protecting its corporate balance sheet. Sprng Energy, previously acquired by Shell in 2022 for $1.55 billion, operates as India's renewable energy platform with significant operational scale in the clean energy sector. ABRen reported revenue from operations of INR 924 crore in FY26, up 81% from the prior year, though losses widened to INR 382 crore due to higher depreciation and finance costs.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 12 Jul 2026 | Strategic M&A | $1.8B |
Sprng Energy Funding History
Sprng Energy has raised a total of $451M across 1 funding round.
Sprng Energy funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Mar 2017 | Undisclosed stage | Actis (lead) | $451M | Sprng Energy is a renewable energy platform established by Actis in March 2017 through its Actis Energy 4 fund with an equity commitment of $450 million (later increased to $475 million) to develop approximately 1.8 GW of solar and wind capacity in India. The platform began with a seed asset of 330 MWp and grew through acquisitions and bids, including winning low-tariff wind projects like a 197.5 MW project under GUVNL at INR 2.43/kWh. By 2019, it had invested in multiple SPVs and secured bids for 1,447.5 MW under execution. Actis allocated funds from its $2.75 billion Actis 4 Funds corpus specifically for Sprng Energy, enabling investments like Rs 1,020 crore in six SPVs out of a total equity need of Rs 2,256.9 crore. The platform supplied power to electricity distribution companies via long-term PPAs at competitive tariffs, benefiting from Actis's operational expertise in renewables. Sprng Energy later expanded to over 2.9 GWp (operating and contracted) plus a 7.5 GWp pipeline before Actis sold it to Shell in 2022 for $1.55 billion, with subsequent sale processes valuing it at $2-2.75 billion. |
Who has invested in Sprng Energy?
1 investor has backed Sprng Energy across its funding rounds, including Actis.
Lead investors include Actis.
Sprng Energy Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Sprng Energy investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialSprng Energy Competitors
Sprng Energy competitors include listed companies like Margun Enerji, Aksa Enerji, Luenmei Quantum Co and Scatec, and private ones like SFCC and NW Storm.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $28M | ($7M) | $1.8B | - | ||
| Private | - | - | $1.9B | - | ||
| Publicly listed | $871M | $245M | $1.7B | 2.5x | ||
| Private | - | - | $1.7B | - | ||
| Publicly listed | $483M | $220M | $1.9B | 2.8x | ||
| Publicly listed | $386M | - | $1.7B | 8.6x |
Sprng Energy Public Comps
Sprng Energy is no longer listed, but its public comps include Margun Enerji, Aksa Enerji, Luenmei Quantum Co, Scatec, ACEN, Empresa Eléctrica Pehuenche, Celsia, CleanMax, CS Wind and Nofar Energy.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $28M | ($7M) | 70.4x | - | (281.4x) | - | |||
| $871M | $245M | 3.5x | 2.5x | 12.6x | 7.9x | |||
| $483M | $220M | 2.8x | 2.8x | 6.1x | 6.3x | |||
| $386M | - | 12.7x | 8.6x | - | 11.4x | |||
| $502M | $145M | 9.4x | 7.7x | 32.4x | 29.9x | |||
| $210M | $197M | 7.8x | - | 8.3x | - | |||
| $1.7B | $490M | 1.2x | 1.3x | 4.3x | 4.1x | |||
| $199M | $125M | 14.5x | 10.8x | 23.0x | 18.2x | |||
This data is available for Pro users. Sign up to see all Sprng Energy competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Sprng Energy
| When was Sprng Energy founded? | Sprng Energy was founded in 2017. |
| Where is Sprng Energy headquartered? | Sprng Energy is headquartered in Pune, India. |
| Is Sprng Energy publicly listed? | No, Sprng Energy was acquired by Aditya Birla Renewables in July 2026. |
| Who acquired Sprng Energy? | Sprng Energy was acquired by Aditya Birla Renewables in July 2026. |
| How much was Sprng Energy acquired for? | Sprng Energy was acquired for $1.8B in July 2026. |
| How much funding has Sprng Energy raised? | Sprng Energy has raised $451M across 1 funding round. |
| What was Sprng Energy's last funding round? | Sprng Energy's last funding round was a $451M undisclosed-stage round in March 2017, led by Actis. |
| Who are Sprng Energy's investors? | Sprng Energy's investors include Actis. |
| Which companies are comparable to Sprng Energy? | Companies comparable to Sprng Energy include Margun Enerji, SFCC, Aksa Enerji, NW Storm, Luenmei Quantum Co and Scatec. |
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