Aditya Birla Renewables seeks $1.5 B loan to fund Shell arm SolEnergi Power’s acquisition

The renewable energy arm of Aditya Birla Group is seeking USD 1.5-B in rupee-denominated loans to fund the acquisition of New Delhi-headquartered SolEnergi Power , an Indian renewable energy unit of Shell. The transaction, valued at USD 1.8-B, includes the Sprng Energy group companies and was agreed upon in July.The firm is pursuing long-term, project-level financing to avoid the costs associated with a previously secured USD 1.6-B bridge loan commitment from MUFG Bank. The company has initiated talks with State Bank of India and HDFC Bank to finalise the financing structure.SolEnergi operates as a unit of Shell and holds various renewable energy projects. The acquisition includes both operational projects and assets currently under construction, which will be managed across 17 to 20 special purpose vehicles.