Shell completes acquisition of Sprng Energy

Share

From pv magazine India

Energy company Shell today announced it had completed the acquisition of Indian renewables developer Sprng Energy from UK investor Actis.

Actis owns Sprng through its Mauritius-based arm 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 US$1.55 billion (AU$2.22 billion), including 50% as cash Capex and the remainder as debt obligations.

Sprng Energy, set up in 2017 by Actis, is a renewable energy platform based in Pune, India, and develops and manages renewable energy facilities such as solar and wind farms and infrastructure assets.

Shell’s present renewable capacity in operation triples following the acquisition of Sprng Energy solar and wind assets. 

The deal also positions Shell as one of the first movers in building a truly integrated energy transition business in India. In India, its gas business (Shell Energy) 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.

Author: Uma Gupta

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Akaysha lands $650 million to fund 1,660 MWh Orana battery build
15 July 2024 Australian battery storage developer Akaysha Energy has secured a $650 million debt deal that will accelerate the development of what is to be the lar...