India's Aditya Birla unit seeks $1.5 billion in rupee loans to buy Shell arm Solenergi, bankers say

New Delhi/Mumbai, Oct 9 — India's Aditya Birla Renewables is seeking about $1.5 billion in rupee-denominated loans to finance the proposed acquisition of Shell Plc's Indian renewable energy arm, Solenergi, according to three bankers familiar with the discussions. The plan is to fund the deal in local currency to avoid a costlier bridge facility and currency-exchange risks that could accompany a dollar-denominated loan. Lenders are evaluating the terms, with proposals likely to include term loans or project-finance structures backed by Solenergi's assets and expected cash flows, along with support from Aditya Birla's renewable platform. The talks are at an advanced stage, but there is no binding agreement yet, and regulatory approvals would still be needed. If completed, the acquisition would broaden Aditya Birla Renewables' footprint in India's growing clean-energy market and add Solenergi's solar and wind portfolio to its generation mix. Shell has been trimming non-core energy assets and has been in talks with several potential buyers. The use of rupee debt is seen as a way to align funding with Indian financing markets and to manage currency risk. Both Aditya Birla Renewables and Shell declined to comment. The deal highlights the increasing role of local lenders in financing large-scale renewable energy consolidation in India.