NIIF and Temasek to Join Forces in Bid for Shell's Spring Energy: Binding Bids Expected This Week
Bid War for Sprng Energy Heats Up Ahead of Shell's Mega Deal
The National Investment and Infrastructure Fund (NIIF), backed by the Indian government and Singapore's Temasek, is in talks to submit a joint bid for Shell Plc's Indian renewable energy platform, Sprng Energy. This development comes ahead of the submission of binding bids by multiple parties, which is expected by the end of this week.
Sources close to the matter have revealed that NIIF is aggressively pursuing the asset and plans to partner with Temasek for the deal. This consortium is seen as a strong contender for the mega deal, which is valued at over $1.6 billion. Other parties expected to put in final bids include private equity majors KKR, Actis LLP, and Aditya Birla Group, with investment bank Barclays managing the sale process.
The deal is a significant development in the Indian renewable energy sector, with Sprng Energy having a contracted capacity of 5026.53 MWp and an operational capacity of 2300.48 MWp across states such as Gujarat, Rajasthan, Madhya Pradesh, Tamil Nadu, and Karnataka. The company is present in solar energy, wind energy, hybrid projects, and round-the-clock (RTC) solutions.
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| Bidder | Expected Bid Value |
|---|---|
| NIIF-Temasek Consortium | $1.6 billion+ |
| KKR | N/A |
| Actis LLP | N/A |
| Aditya Birla Group | N/A |
The deal is also notable given the strategic review of Shell's renewable energy assets, which comes as the company pivots from low-carbon projects to focus on liquified natural gas trading and upstream operations. NIIF's CEO and MD, Sanjiv Aggarwal, has a background in the energy sector, having led Actis's energy business in Asia and driven its clean energy bets in India.
In related developments, Blackrock's arm, Global Infrastructure Partners, invested Rs 3,000 crore in Aditya Birla Renewables Limited in December 2025, valuing the renewable player at Rs 14,000 crore. KKR has also backed renewable energy platforms such as Serentica Renewables and Hero Future Energies, while Actis launched BluePine Energy in 2022, targeting 4GW+ of solar, wind, and storage capacity.
Investor Takeaway
Investors should be aware of the potential for a joint bid by NIIF and Temasek for Shell's Indian renewable energy platform.
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