Shell to buy Actis-owned renewables platform Sprng Energy for USD1.55 billion in India

Shell’s subsidiary Shell Overseas Investments have signed an agreement with buyout firm Actis to acquire Solenergi Power Private Limited, the flagship company for its Sprng Energy platforms, one of India’s renewable energy companies, for USD1.55 billion.

Sprng Energy, an Actis Energy 4 fund investment, supplies solar and wind power to electricity distribution companies in India. Established by Actis in 2017 with an initial seed asset of 330MWp, Sprng has grown to encompass more than 2.9GWp of solar and wind assets (2.1GWp operating and 0.8 GWp contracted) with a further 7.5GWp of renewable energy projects in the pipeline. The deal will help Shell triple its renewable energy capacity in operation, which currently stands at 1 GW, as it seeks to become a net-zero emissions company by 2050.