British oil and gas giant Shell has acquired the Indian renewables firm Sprng Energy. Shell Overseas Investment, a Shell subsidiary has concluded this deal worth $1.55bn. Though it was announced earlier, the buyout has been executed this month. Actis, the Investment firm owning the Indian renewable energy developer, has sold a 100% stake in the company.
The brand and location of Sprng Energy will be retained by Shell while operating it as a wholly owned subsidiary. It will function under Shell’s Renewables and Energy Solutions Integrated Power business and will triple Shell’s operational renewable capacity. It will, in turn, help to further its Powering Progress strategy. Under the Powering Progress strategy, an integrated power business will be developed in order to move towards sustainability. Shell aims to become a profitable net-zero emissions energy business by 2050.
In July, the same Shell Overseas Investment business unit signed a deal with Emerging Power, a subsidiary of Nickel Asia Corp. It aimed at developing renewable energy projects in the Philippines.
Sprng Energy, after its inception in 2017, provides renewable energy to discoms. It develops and manages renewable energy facilities including solar and wind farms and other infrastructure assets. Its asset portfolio includes 2.1GWp of operating and 0.8GWp contracted capacity. Shortly, it aims to work on 7.5GWp of renewable energy projects.
