Shell to acquire Sprng Energy group

Sprng Energy supplies solar and wind power to electricity distribution companies in India.

Shell Overseas Investment B.V. signed an agreement with Actis Solenergi Limited to acquire 100% of Solenergi Power Private Limited for $1.55 billion.

Sprng Energy supplies solar and wind power to electricity distribution companies in India. Its portfolio consists of 2.9 gigawatts-peak (GWp) of assets (2.1 GWp operating and 0.8 GWp contracted) with a further 7.5 GWp of renewable energy projects in the pipeline.

“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, strong and proven development track record and a healthy growth pipeline,” said Wael Sawan, Shell’s Integrated Gas, Renewables and Energy Solutions Director

The solar and wind assets Shell acquires through the deal will triple Shell’s present renewable capacity in operation and help deliver its Powering Progress strategy.