Shell Acquires Indian Renewable Power Company
, fromRoyal Dutch Shell plc
Shell, a leading oil and gas company, has announced plans to buy Sprng Energy, a renewable energy platform owned by Actis.
Shell plans to acquire Sprng Energy for $1.55 billion, one of India's major developers of renewable energy projects. The company's renewable energy portfolio totals 9.6 gigawatts, including 2.1 gigawatts of operational capacity.
Sprng Energy had caught the interest of several domestic and international corporations. Canada Pension Plan Investment Board (CPPIB), Sembcorp Industries Ltd, ArcelorMittal, and Adani Group were among those showing interest in the company.
Sembcorp Industries has been trying to increase its foothold in India, where it already runs thermal, renewable energy, and hydropower assets. ArcelorMittal has also stated that it intends to enhance its renewable energy purchases. Adani Green Energy is one of India's largest renewable energy firms. It recently purchased assets from SB Energy and raised $500 million.
Shell has already made investments in India's renewable energy sector, but this will be its first in utility-scale solar and wind.