Shell has completed its acquisition of the Sprng Energy group, a renewables platform
The acquisition of Solenergi Power Private Limited and the Sprng Energy group of companies from Actis Solenergi Limited has been completed by Shell Overseas Investment B.V., which is a wholly owned subsidiary of Shell plc (Shell). Actis Solenergi Limited is a wholly owned subsidiary of Shell (Actis).
Actis launched Sprng Energy in 2017 as a renewable energy platform with headquarters in Pune, India. The company is focused on the development and management of renewable energy facilities, including solar and wind farms, as well as infrastructure assets.
Shell's existing renewable capacity will be increased by a factor of three as a result of the acquisition of wind and solar assets, which will also assist the company in implementing its Powering Progress strategy. The development of an integrated power business as part of Powering Progress is an essential component with the end goal of assisting Shell in meeting its objective of becoming a profitable energy business with net-zero emissions by the year 2050.
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement, “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. “Joint ventures” and “joint operations” are collectively referred to as “joint arrangements”. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
Source: Shell news