Shell Overseas Investment B.V., a subsidiary of Shell plc, has agreed to sell 100% of Solenergi Power Private Limited, including the Sprng Energy group of companies, to Aditya Birla Renewables Limited (ABRen) for $1.8 billion. The transaction, which includes Sprng Energy’s operating assets, commercial contracts, and renewable energy portfolio, is expected to close by the end of 2026. The purchase price is subject to customary adjustments, including net debt and capital expenditure adjustments, and requires regulatory approvals and customary closing conditions.

Strategic Portfolio Adjustment

The sale aligns with the strategy Shell outlined at its Capital Markets Day in March 2025. Machteld de Haan, president of downstream, renewables and energy solutions at Shell, stated the agreement reflects the company's continued focus on adjusting its power business portfolio. Shell is prioritizing asset-backed trading, flexible generation, and disciplined project execution to deliver about 10% return on average capital employed by 2030.

Sprng Energy Asset Details

Sprng Energy supplies solar and wind power to electricity distribution companies across India. The portfolio totals 5.0 gigawatts-peak, consisting of 3.3 GWp of operating assets and 1.7 GWp of contracted capacity. All Sprng Energy employees will transfer to the new owner to ensure workforce continuity and operational reliability.

Buyer and Market Context

ABRen serves as the renewable energy platform for the Aditya Birla Group, with Global Infrastructure Partners, part of BlackRock, as a strategic investor. The company develops and operates solar, wind, hybrid, floating solar, and battery storage projects across India. Shell noted that India remains a key market where it operates an integrated liquefied natural gas value chain, alongside mobility and lubricants businesses.

Shell plc has successfully completed its exchange offers, accepting a total aggregate principal amount of $6,298,101,000 in Restricted Notes. The company exchanged these unregistered notes for new registered notes issued by Shell Finance US Inc. and fully and unconditionally guaranteed by Shell plc. This move allows Shell to convert outstanding debt into registered securities, enhancing liquidity and marketability for investors.

The exchange offers covered six series of Guaranteed Notes due between 2028 and 2051. The total amount tendered and accepted included $885,241,000 of 3.875% notes due 2028, $2,060,368,000 of 6.375% notes due 2038, and $801,303,000 of 5.500% notes due 2040. Additional series accepted were $680,997,000 of 5.125% notes due 2041, $993,464,000 of 3.125% notes due 2049, and $876,728,000 of 3.000% notes due 2051.

Settlement and issuance of the Exchange Notes are expected to occur on July 13, 2026. D.F. King & Co., Inc. served as the exchange and information agent for the offers. The exchange was conducted pursuant to a prospectus dated June 8, 2026, and was exempt from registration requirements under the U.S. Securities Act of 1933.

The following table details the aggregate principal amounts of Restricted Notes tendered and accepted for each series:

The Exchange Notes are not intended for retail investors in the European Economic Area, the United Kingdom, or other jurisdictions with specific distribution restrictions. The offers were made solely pursuant to the terms and conditions of the prospectus and are not an offer to sell or solicit an offer to buy any securities in jurisdictions where such actions would be unlawful.