Sprng Energy
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.
- Company typePrivate
- Founded2016
- HeadquartersPune, India
- Headcount101–250
- GTM typeB2B
- OfferingServices
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.
Sprng Energy firmographics
Firmographics- 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
Sprng Energy industry classification
Industry- 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
Where Sprng Energy is headquartered
LocationHeadquarters
- HQ city
- Pune
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
Sprng Energy business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Supply Chain, Operations, Technology or R&D, Personnel, Marketing or Sales
Revenue model
- 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
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Multi-year contract | Wind Projects - ₹2.43-2.51/kWh |
| Unit Pricing | Multi-year contract | Solar Projects - ₹2.17-2.85/kWh |
| Unit Pricing | Multi-year contract | Telangana Solar - ₹5.59-6.90/kWh |
| Unit Pricing | Multi-year contract | REMCL Projects - ₹3.99/kWh |
| Unit Pricing | Multi-year contract | Round-the-Clock Power - ₹3.74-3.75/kWh |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Sprng Energy product offering
Product offeringCore 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
Companies that use Sprng Energy
Customer profileNamed customers8 records
Segments3 records
Ideal customer profiles3 records
Sprng Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Sprng Energy partnerships and signals
Strategic signalScale indicators10 records
Recent moves8 records
Expansion highlights5 records
Sprng Energy competitors and assessment
Company assessmentDirect 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
Sprng Energy social profiles
Digital presenceSprng Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Sprng Energy leadership team
Management profileNumber of profiles
Profiles2 records
Sprng Energy funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Sprng Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Sprng Energy
What does Sprng Energy do?
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.
Is Sprng Energy a public or private company?
Sprng Energy is a private company. It is classified as corporate owned and is currently operating.
When was Sprng Energy founded?
Sprng Energy was founded in 2016. It employs 101 to 250 people.
Where is Sprng Energy based?
Sprng Energy is headquartered in Pune, India, in the Asia region.
How does Sprng Energy make money?
One revenue line is on record: power Generation Revenue.
Who are Sprng Energy's main competitors?
Direct peers on record are ReNew Energy Global, Adani Green Energy, Tata Power Renewables, Greenko Group, JSW Energy, Azure Power Global, Hero Future Energies and Aditya Birla Renewables. NTPC Green Energy is listed as a broad incumbent. Sembcorp Industries is listed as a regional player.
Does Sprng Energy have an API?
No public API is recorded for Sprng Energy.
What industry is Sprng Energy in?
Sprng Energy's product category is Renewable Energy Generation. Its primary akta.pro industry code is EUAEAAAF, Wind Power Plant EPC (Onshore/Offshore), with a secondary code of EUAEAAAG, Solar PV Power Plant EPC (Utility-Scale). Its NAICS code is 221115.