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Shell acquires Sprng Energy

From pv magazine India

Shell has announced that it has completed the $1.55 billion acquisition of Indian renewables developer Sprng Energy from UK investor Actis.

Actis owns Sprng Energy through its Mauritius-based unit, Solenergi Power. Shell Overseas Investment has acquired 100% of Solenergi Power and the Sprng Energy group of companies from Actis Solenergi (Actis). 

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 other infrastructure assets.

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Shell’s operational renewables capacity will triple with 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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Source: pv magazine