The Competition Commission of India (CCI) has approved Singapore-based Global Infrastructure Partners (GIP) EM Star‘s subscription to Aditya Birla Renewables’ (ABREN) equity shares worth $335 million.

ABREN is the clean energy arm of the Aditya Birla Group. GIP EM Star is owned by certain funds managed by GIM EM Manager, which in turn is owned by Global Infrastructure Management, a subsidiary of BlackRock.

BlackRock is a U.S. company that provides global investment and risk management, as well as advisory services, to institutional and retail clients.

Last December, ABREN secured an investment commitment of ₹20 billion (~$222.37 million) from GIP with a greenshoe option to invest an additional ₹10 billion (~$111.18 million). The investment by GIP was to be made through one or more preferential issues of shares on a private placement basis. ABREN has a pan-India renewable energy portfolio of approximately 4.3 GW across 10 states. The company said it eventually aims to reach more than 10 GW.

The company has also secured ₹5 billion (~$55.59 million) from Essel Mining & Industries, also part of the Aditya Birla Group, through a preferential issue of equity shares on a private placement basis. ABREN said it will use the funds to meet its urgent business needs.

In August 2025, Vodafone Idea entered into a power purchase agreement with Aditya Birla Renewables SPV 3 to procure power from a 4 MW captive solar power project in Maharashtra.

In 2024, ABREN raised ₹25 billion (~$299.26 million) through a private placement of non-convertible debentures.

Total corporate funding, including venture capital (VC) funding, public market, and debt financing into the solar sector, decreased 16% year-over-year in 2025, with $22.2 billion raised in 175 deals, compared to $26.3 billion in 157 deals in 2024, according to Mercom Capital Group’s Annual and Q4 2025 Solar Funding and M&A Report. Global VC and private equity funding in the solar sector in 2025 came to $3.5 billion in 75 deals, 22% lower than the $4.5 billion raised in 60 deals in 2024. There were eight VC funding deals of $100 million or more in 2025.