Sprng Energy

What Sprng Energy does

Sprng Energy Private Limited is an India-focused utility-scale renewable energy platform headquartered in Pune, Maharashtra. Founded in December 2016 by private equity firm Actis, the company develops, builds, owns, and operates solar, wind, and hybrid (solar-wind) power generation projects across multiple Indian states, including Gujarat, Karnataka, Tamil Nadu, Rajasthan, Telangana, West Bengal, and Madhya Pradesh. As of 2026, the platform holds 5,026.53 MWp of contracted total capacity with 2,300.48 MWp in operation (comprising 1,633.98 MWp of solar and 497.5 MW of wind, plus hybrid configurations). Sprng also offers Round-the-Clock (RTC) power solutions that combine generation sources to deliver firmer supply profiles.

The company generates revenue primarily through long-term (typically 25-year) Power Purchase Agreements (PPAs) with Indian state-owned and central government utilities and DISCOMs, including GUVNL, NTPC, SECI, NHPC, REMCL, and various state distribution companies. Tariffs are determined through competitive reverse auctions conducted by agencies such as NTPC Vidyut Vyapar Nigam, SECI, and PFC Consulting, with individual project tariffs ranging from ₹2.17/kWh to ₹6.90/kWh depending on technology, scale, and auction vintage. The company has historically secured record-low tariffs (e.g., ₹2.43/kWh for a 197.5MW Gujarat wind project) and provides end-to-end capabilities from resource assessment through project commissioning.

Shell Overseas Investment B.V. acquired 100% of Sprng Energy from Actis in March 2022 for approximately $1.55 billion, at which point the platform was approximately 2.5 GW. In February 2026, Shell initiated a strategic review and engaged Barclays to divest Sprng as part of CEO Wael Sawan's pivot away from renewables; the platform is now in an active sale process at a $1.7–2 billion valuation, with Aditya Birla Group (through Aditya Birla Renewables) emerging as the front-runner bidder alongside competing bids from KKR, a NIIF-Temasek consortium, Actis (re-entering as a bidder), and Sembcorp.

Name

Sprng Energy

Legal name

Sprng Energy Private Limited

Website

https://sprngenergy.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

101–250 employees

Short description

Sprng Energy is an India-focused utility-scale renewable energy platform that develops, owns, and operates solar, wind, and hybrid power projects under 25-year PPAs with state-owned utilities, DISCOMs, and central agencies across multiple Indian states.

Ownership category

akta.pro rank

Product category

Renewable Energy Generation

NAICS

Wind Electric Power Generation (221115), Solar Electric Power Generation (221114)

akta.pro primary industry

Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF)

akta.pro secondary industries

Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG), Wind Balance-of-Plant EPC (Crane Pads, Turbine Foundations, Internal Roads) (EUAEADAI)

Keywords

• Renewable energy generation
• Utility-scale solar power
• Wind power projects
• Hybrid energy solutions
• Power purchase agreements

Headquarters

HQ city

Pune

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Power Generation Revenue: Long-term power purchase agreements (PPAs) with state-owned utilities and DISCOMs. Revenue is contracted and predictable, based on capacity contracted (MW) rather than per-unit generation. Tariffs are determined through competitive bidding processes.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Sprng Energy develops, owns, and operates utility-scale solar, wind, and hybrid renewable energy power projects across multiple Indian states, supplying electricity under 25-year Power Purchase Agreements to state-owned utilities and DISCOMs. The platform offers solar power, wind power, hybrid solar-wind solutions, and round-the-clock (RTC) power, with a contracted portfolio of 5,026.53 MWp and operational capacity of 2,300.48 MWp.

Product overview

Sprng Energy is a renewable energy platform offering a diversified portfolio of power generation solutions across India. The core offerings consist of Solar Power, Wind Power, and Hybrid Solutions (combining solar and wind), complemented by Round-the-Clock Power (RTC) services. The company operates multiple named project sub-brands totaling over 5 GW of contracted capacity, including large-scale solar installations (Sprng Power Earth, Sprng Solar India, Sprng Solar Plus) and wind farms (Sprng Renewable Energy, Sprng Alt Energy, Sprng Natural) distributed across Indian states. Projects are developed under 25-year Power Purchase Agreements with state-owned utilities and commercial off-takers.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Achieved India's lowest wind-solar tariff at ₹2.43/kWh for 197.5MW Gujarat project
• +2 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• ReNew Energy Global: One of India's largest renewable IPPs operating utility-scale solar, wind and hybrid projects under long-term PPAs with state and central offtakers. Direct competitor in SECI, NTPC, and state DISCOM auctions, with comparable hybrid and RTC capabilities.
• Adani Green Energy: India's largest renewable IPP with utility-scale solar, wind and hybrid portfolios, competing head-to-head with Sprng in central and state auctions. Also a potential buyer in the current Shell divestiture process, making it a direct strategic peer.
• Tata Power Renewables: Renewable energy arm of Tata Power developing utility-scale solar, wind, and hybrid projects across India under government and corporate PPAs. Highly comparable platform in scale, technology mix, and offtaker profile.
• Greenko Group: India's leading renewable IPP with large-scale solar, wind and pumped-storage hydro, and a strong focus on firm dispatchable renewable power. A direct peer, particularly in the hybrid/RTC and storage-coupled projects that overlap with Sprng's differentiated offering.
• JSW Energy: Indian energy company expanding rapidly into utility-scale renewable generation, including solar, wind and hybrid projects. Competes with Sprng in state and central auctions and targets a multi-gigawatt renewable portfolio.
• Azure Power Global: India-focused independent solar and wind power producer with a multi-gigawatt portfolio of utility-scale projects under long-term PPAs. Competes with Sprng in SECI, NTPC, and state DISCOM solar/wind auctions.
• Hero Future Energies: India-based renewable IPP backed by the Hero Group, developing utility-scale solar, wind and hybrid projects. Directly comparable in scale, geographic focus, and PPA structure to Sprng.
• Aditya Birla Renewables: Renewable energy arm of the Aditya Birla Group and the front-runner bidder for Sprng Energy, with ~4.3 GW and a stated target of 10+ GW. Directly comparable IPP platform and, post-acquisition, would become the parent of the subject company.

Broad incumbents

• NTPC Green Energy: Renewable arm of India's largest state-owned power generator NTPC, building a multi-gigawatt solar, wind and hybrid portfolio. Overlaps with Sprng as both a competitor (in auctions) and a key offtaker/customer.

Regional players

• Sembcorp Industries: Singapore-headquartered energy and urban solutions group with a sizeable India renewable IPP business. A regional peer with overlapping solar/wind capabilities and an active bidder in Sprng's sale process.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/sprngenergy
• YouTubeyoutube.com/channel/UCsY54-PjO_NUo5POOmBSL1w
• Facebookfacebook.com/sprngenergypune
• LinkedInlinkedin.com/company/sprngenergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sprng Energy