(ET)
Global energy giant, Shell, on Friday said it is set to acquire Sprng Energy, a Pune-based renewable energy company, for $1.55 billion. According to the official press release, the transaction is expected to close later in 2022.
“Shell through its subsidiary, Shell Overseas Investment, signed an agreement with Actis Solenergi to acquire 100 per cent of Solenergi Power for $1.55 billion and with it, the Sprng Energy group of companies,” it added. Sprng Energy has been set up in India by Actis, a UK-based global investor in sustainable infrastructure. The green energy firm supplies solar and wind power to electricity distribution companies in India and its portfolio consists of 2.9 GW of assets with a further 7.5 GW of renewable energy projects 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 and Energy Solutions Director.
