Shell has announced that it has completed the acquisition of Indian renewables developer Sprng Energy from UK investor Actis.
Actis owns Sprng through its Mauritius-based unit, Solenergi Power. Shell Overseas Investment, an arm of Shell, acquired 100% of Solenergi Power and, with it, the Sprng Energy group of companies from Actis Solenergi (Actis). The transaction value of the Solenergi Power purchase is $1.55 billion, including 50% as cash capex and the remainder as debt obligations.
Actis set up Sprng Energy in 2017 as a renewable energy platform based in Pune, India. It develops and manages renewable energy facilities such as solar projects, wind farms, and infrastructure assets.
Shell’s operational renewables capacity will triple following the acquisition of Sprng Energy’s solar and wind assets. The deal also positions the energy giant as one of the first movers in building a truly integrated energy transition business in India. In India, its Shell Energy gas business serves customers through a fully owned and integrated value chain. It has also invested in companies like Husk Power Systems and Cleantech Solar Pte Ltd.
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