BlackRock’s infrastructure investment unit, Global Infrastructure Partners (GIP), has acquired a minority stake in Aditya Birla Renewables (ABREN), the clean energy solutions subsidiary of Aditya Birla Group.
The investment, valued at Rs 20 billion ($225 million), is part of a larger deal that values ABREN at an enterprise value of approximately $1.6 billion.
The agreement also includes an option for GIP to commit an additional Rs 10 billion ($110 million), positioning the deal as one of the largest primary commitments for a minority stake in an Indian renewables platform to date.
Fueling India’s 500 GW target:
The primary objective of the new partnership is growth.
The expansion requires massive capital, which GIP, now operating under BlackRock following its $12.5 billion acquisition in 2024, is positioned to provide.
The investment arrives as India rapidly scales up its clean energy infrastructure to meet ambitious national climate commitments.
The country is targeting 500 GW of installed renewable energy capacity by 2030, alongside a pledge to draw approximately 50% of its electric power from non-fossil sources.
ABREN, founded in 2011, is a diversified player with a current 4.3 GW pan-India portfolio spanning solar, wind, hybrid, and battery storage solutions. It is also actively developing clean energy technologies, including green hydrogen and green ammonia. The fresh capital injection from GIP is specifically earmarked to accelerate ABREN’s growth trajectory.
Strategy:
The deal underscores BlackRock’s strategy, post-GIP acquisition, to target long-term, high-growth opportunities related to decarbonization, energy security, and transitions in major global economies. This significant commitment signals international confidence in the scalability and regulatory framework governing India’s energy sector.
Kumar Mangalam Birla, Group Chairman, Aditya Birla Group, highlighted the strategic importance of the sector. “India stands at the cusp of an energy transformation, arguably one of the largest anywhere in the world. The scale of the renewables opportunity in India is extraordinary, driven both by the urgent imperative of decarbonization and the sheer arithmetic of demand. This business sits squarely at the intersection of national energy security and climate leadership, two defining priorities for the coming decades.”
According to Birla, the investment will support the acceleration of the ABREN renewables platform, targeting a capacity goal of more than 10 GW.
Raj Rao, President and Chief Operating Officer, GIP, commented on the combined strength of the partnership. “GIP’s experience in infrastructure across the globe, combined with Aditya Birla’s technical, operational, and industrial capabilities, aims to develop Aditya Birla Renewables into a leading renewable platform that can contribute to the Indian industry’s decarbonization objective. Our investment reflects GIP’s confidence in India’s renewables sector and our commitment to advancing the energy transition in India.”
