Shell acquires Sprng Energy

Shell has completed the $1.55 billion acquisition of Solenergi Power, an Actis company that holds a 100% stake in Indian renewables developer 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.

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.

This post appeared first on PV Magazine.

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