UK's Shell steps in India amid power crisis
Shell continues to grow in India as it acquires 100 percent of Solenergi Power, the flagship company of Sprng Energy for US$1.55 billion.
A branch of UK-based gas, oil and electricity provider, Shell plc has acquired India-based renewable power firm Sprng Energy during the power crisis on Friday, April 29.
Shell Overseas Investment B.V. signed an agreement with Actis Solenergi Limited to acquire 100 percent of Solenergi Power Private Limited for US$1.55 billion and with it, the Sprng Energy group of companies.
Sprng Energy is one of India’s largest renewable energy companies supplying solar and wind power to electricity distribution companies in India. It will retain its existing brand and operate as a wholly owned subsidiary of Shell’s Renewables and Energy Solutions Integrated Power business.
Shell India confirmed the deal through Twitter, sharing a few pictures of one of the power plants of Sprng Energy. “The deal marks another important step in expanding our integrated power business.”
More and cleaner energy ⚡ Shell will acquire @sprngenergy, one of India’s leading renewable power platforms.
— Shell India (@Shell_India) April 29, 2022
The deal marks another important step in expanding our integrated power business. https://t.co/dvmYntr70Z #PoweringProgress pic.twitter.com/AorCsMD5FU