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Shell completes acquisition of Sprng Energy

Shell completes acquisition of Sprng Energy


From pv magazine India

Energy company Shell today announced it had completed the acquisition of Indian renewables developer Sprng Energy from UK investor Actis.

Actis owns Sprng through its Mauritius-based arm Solenergi Power. Shell Overseas Investment, an arm of Shell, acquired 100% of Solenergi Power and, with it, the Sprng Energy group of companies from Actis Solenergi (Actis).

The transaction value of the Solenergi Power purchase is US$1.55 billion (AU$2.22 billion), including 50% as cash Capex and the remainder as debt obligations.

Sprng Energy, set up in 2017 by Actis, is a renewable energy platform based in Pune, India, and develops and manages renewable energy facilities such as solar and wind farms and infrastructure assets.

Shell’s present renewable capacity in operation triples following the acquisition of Sprng Energy solar and wind assets. 

The deal also positions Shell as one of the first movers in building a truly integrated energy transition business in India. In India, its gas business (Shell Energy) serves customers through a fully-owned and integrated value chain. It has also invested in companies like Husk Power Systems and Cleantech Solar Pte Ltd.

Author: Uma Gupta

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