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Shell acquires Sprng Energy for $1.55 billion
- 2 years ago (2022-08-10)
- David Flin
Shell has concluded its $1.55 billion acquisition of Indian renewable energy developer Sprng Energy from investment firm Actis .
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The deal has been executed through the Shell subsidiary Shell Overseas Investment. This acquired a 100 per cent stake in Actis subsidiary Solenergi Power, through which Actis had owned Sprng Energy.
Sprng Energy delivers solar and wind energy to electricity distribution companies in India. Its asset portfolio includes 2.1 GW of operating and 0.8 GW of contracted capacity. It also has 7.5 GW of renewable projects in the pipeline.
Under the terms of the deal, Sprng Energy will retain its existing brand and operate as a wholly owned subsidiary of Shell. It will be part of Shell’s Renewables and Energy Solutions Integrated Power business. Sprng Energy will continue to be based in Pune, Maharashtra.