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(Alliance News) - Shell PLC on Friday said it has agreed to buy Sprng Energy for $1.55 billion to expand into the renewable power space in India.
Subsidiary Shell Overseas Investment BV has signed an agreement with Actis Solenergi Ltd to acquire Solenergi Power Private Ltd, and with it Sprng Energy.
Sprng Energy supplies solar and wind power to electricity distribution companies in India. Its portfolio consists of 2.9 gigawatts-peak of assets with a further 7.5 gigawatts-peak in the pipeline.
‘This deal positions Shell as one of the first movers in building a truly integrated energy transition business in India,’ said Wael Sawan, Shell's Integrated Gas, Renewables & Energy Solutions director.
He added: ‘Sprng Energy generates cash, has an excellent team, strong and proven development track record and a healthy growth pipeline. Sprng Energy's strengths can combine with Shell India's thriving customer-facing gas and downstream businesses to create even more opportunities for growth.’
The deal is expected to close later in 2022.
Shares in Shell were up marginally at 2,186.00 pence each in London on Friday afternoon.
By Lucy Heming; lucyheming@alliancenews.com
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