Shell Acquires India's Leading Renewable Power Platform, Sprng Energy Group
, fromRoyal Dutch Shell plc
Shell Overseas Investment B.V., a wholly-owned subsidiary of Shell plc (Shell), announced it entered an agreement with Actis Solenergi Limited (Actis) to buy Solenergi Power Private Limited and the Sprng Energy group of enterprises for $1.55 billion.
Across India, Sprng Energy provides solar and wind energy to electrical distribution businesses. Its assets include 2.9 gigawatts-peak1 (GWp) (2.1 GWp operating, 0.8 GWp contracted), with another 7.5 GWp of renewable energy projects in the pipeline.
Wael Sawan, Shell’s Integrated Gas, Renewables and Energy Solutions Director, said:
"This deal positions Shell as one of the first movers in building a truly integrated energy transition business in India. I believe it will enable Shell to become a leader across the power value chain in a rapidly growing market where electrification on a massive scale and strong demand for renewables are driving the energy transition. Sprng Energy generates cash, has an excellent team, a strong and proven development track record and a healthy growth pipeline. Sprng Energy’s strengths can combine with Shell India’s thriving customer-facing gas and downstream businesses to create even more growth opportunities.”
Shell will triple its current renewable capacity in operation through the deal's solar and wind assets, which will aid its Powering Progress plan.
A best-in-class integrated power business will help the company achieve its goal of becoming a profitable net-zero emissions energy business by 2050. The purchase will be finalised later in 2022, pending regulatory approval.