Shell has announced it has agreed to acquire India-based renewable power platform Sprng Energy for $1.55 billion (£1.2bn).

Sprng Energy supplies solar and wind power to electricity distribution companies in India.

Its portfolio consists of 2.9GWp of assets with a further 7.5GWp of renewable energy projects in the pipeline.

Shell’s Integrated Gas, Renewables and Energy Solutions Director: “This deal positions Shell as one of the first movers in building a truly integrated energy transition business in India.

“I believe it will enable Shell to become a leader across the power value chain in a rapidly growing market where electrification on a massive scale and strong demand for renewables are driving the energy transition.

The solar and wind assets Shell acquires through the deal are forecast to triple the energy giant’s current renewable capacity in operation.