Aryaman Vikram Birla targets 20 GW renewable capacity in medium term; plans to back growth with battery storage

Aditya Birla Renewables (ABRen) is setting its sights on becoming one of India's largest clean energy platforms, with Director Aryaman Vikram Birla saying the company aims to build a 20 GW renewable energy portfolio over the medium term, supported by investments in battery storage and other emerging technologies.

The ambitious target follows the Aditya Birla Group's ₹17,200-crore acquisition of Shell-backed Sprng Energy, a deal that nearly doubles the company's renewable capacity and significantly strengthens its presence in utility-scale power generation.

"The government has set an ambitious target of 500 GW of renewable energy for 2030 as it pursues energy independence. We have been investing in renewables since 2011, and given the macro opportunity and our 15 years of experience, we felt this was the right time to double down and become a meaningful player," Aryaman Birla told Fortune India.

The acquisition marks one of the largest transactions in India's renewable energy sector and positions the Aditya Birla Group among the country's major clean energy developers along with Adani Green and Tata Power. The company believes the combination of its existing commercial and industrial (C&I) business with Sprng's utility-scale portfolio creates a diversified renewable platform capable of serving multiple customer segments.

"Sprng Energy brings high-quality execution, a strong track record, reliable off-takers and an excellent team. Their strength is in utility-scale projects, while ours has largely been in the commercial and industrial segment. The two platforms are highly complementary, making this a compelling strategic fit," Birla said.

Following the acquisition, the group's renewable portfolio has expanded from 4.3 GW to nearly 9.4 GW.

"This acquisition takes us from 4.3 GW to nearly 9.4 GW overnight—a quantum leap in our ambition. With a strong development pipeline, we are confident of crossing 10 GW soon and building towards 20 GW over the near to medium term," he said.

While Birla refrained from committing to a specific timeline, he said the company's long-term direction is firmly established. "I do not want to be overly prescriptive about timelines, but our ambition is clear. The combined platform and its robust development pipeline give us confidence that 20 GW is well within reach," he said.

The immediate priority, he added, is to integrate Sprng Energy smoothly and execute the projects already under development. Large renewable acquisitions often derive value from operational integration, common procurement, project execution and efficient capital allocation.

Birla also outlined the next phase of the renewable energy transition, arguing that generation capacity alone will not be sufficient as India's electricity system increasingly depends on intermittent renewable sources.

"Sprng has built a best-in-class portfolio in solar, wind and hybrid projects with industry-leading capacity utilisation and margins. Going forward, storage and battery solutions will be equally important," he said.

The emphasis on energy storage reflects the broader evolution of India's renewable sector, where developers are increasingly pairing solar and wind assets with battery energy storage systems to provide round-the-clock power and improve grid stability.

Birla said the acquisition also benefits from a partnership with BlackRock, which invested in the Aditya Birla renewable platform earlier this year. Global Infrastructure Partners (GIP), part of BlackRock, one of the world’s leading infrastructure investors, decided to invest up to ₹3,000 crore—including a commitment of ₹2,000 crore and a greenshoe option to invest another ₹1,000 crore. The investment translates into an enterprise value of ₹14,600 crore for ABRen.

"BlackRock's investment in our platform earlier this year was a strong validation of our strategy," he said.

"Our partnership with BlackRock GIP combines global expertise with the Aditya Birla Group's deep understanding of the Indian ecosystem and execution capabilities. That is a powerful combination."

The renewable business, Birla noted, was originally established to meet the captive power requirements of Aditya Birla Group companies such as Hindalco and UltraTech Cement, both of which are pursuing ambitious decarbonisation plans. It has since evolved into an independent growth business serving a much broader market.

"We started our renewable business in 2011 to meet the captive power needs of group companies. Over time, it has evolved into a standalone business opportunity," he said. "We will continue to support group companies such as Hindalco and UltraTech in their decarbonisation journey while also serving utilities and external customers through our project development, engineering and execution capabilities," he added.

Birla believes the economics of clean energy have fundamentally changed, making renewables attractive beyond climate commitments.

"Renewables are no longer just about decarbonisation. They are the lowest-cost source of energy, the fastest to deploy, and offer compelling strategic, economic and environmental benefits," he said.