Shell Completes Acquisition Of Renewables Platform Sprng Energy Group

Shell Overseas Investment B.V., a wholly owned subsidiary of Shell plc (Shell), has completed 100% acquisition of Solenergi Power Private Limited and along with it, the Sprng Energy Group of Companies from Actis Solenergi Limited (Actis)- a leading global investor in sustainable infrastructure

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

The solar and wind assets that Shell acquires through the deal will triple the company’s present renewable capacity in operation and help deliver its powering progress strategy. An important part of Shell’s Powering Progress is to develop an integrated power business, which will help it reach its target of becoming a profitable net-zero emissions energy business by 2050.

On April 29, 2022, Shell had announced the signing of an agreement to purchase Solenergi Power Private Limited and the Sprng Energy Group of Companies. Subject to closing adjustments, about half of the previously announced transaction value ($1.55 billion) will be reported as cash capex and the remainder assumed as debt obligations.

In February 2021, Shell has announced its Powering Progress strategy, including details of how it expects to achieve its target to be a net-zero emissions energy business by 2050.