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Shell will acquire 2.9 GW of wind and solar plants in India for US$1.6bn

Shell has signed an agreement with Actis to acquire 100% of Solenergi Power Private Ltd (SPPL) for US$1.55bn and with it, the Sprng Energy group of companies. Sprng Energy, which owns of 2.9 GW of wind and solar plants in India (2.1 GW operating and 0.8 GW contracted) with a further 7.5 GW of renewable projects in the pipeline, supplies power to electricity distribution companies. The transaction is subject to regulatory approval and is expected to be completed later in 2022. The assets Shell acquires through the deal will triple the company’s renewable capacity in operation; Shell currently has 1 GW of renewable generation capacity in operation, and a total of 4.7 GW in operation, under construction and/or committed for sale.

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