Shell completes acquisition of Indian renewables firm Sprng Energy

The solar and wind assets acquired by Shell will triple its current renewable capacity in operation and support its 2050 net zero goal

Big Zero Report 2022

Shell has completed the acquisition of Indian renewable energy firm Sprng Energy in a deal worth $1.55 billion (£1.27bn) from Actis Solenergi Limited.

Set up in 2017 by Actis, the renewables platform based in Pune develops and manages renewable energy facilities such as solar and wind farms and infrastructure assets.

Sprng Energy’s portfolio consists of 2.9GW of total assets, with a further 7.5GW of renewable energy projects in the pipeline.

The solar and wind assets Shell Overseas Investment B.V acquires will triple Shell’s current renewable capacity in operation and help deliver its Powering Progress strategy.

Shell said in a statement: “An important part of Powering Progress is to develop an integrated power business, which will help Shell reach its target of becoming a profitable net zero emissions energy business by 2050.”

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