Shell to acquire Sprng Energy Group for $1.55 billion

Shell Overseas Investment B.V., a wholly owned subsidiary of Shell plc (Shell), has agreed to acquire a 100 per cent stake of Solenergi Power Private Limited and the Sprng Energy group of companies for $1.55 billion from Actis Solenergi Limited (Actis). The deal is expected to almost triple Shell’s renewable energy capacity in operation, as the company strives to become a net-zero emissions firm by the year 2050. 

Shell will operate Sprng Energy as a wholly owned subsidiary under its renewable and energy solutions integrated power business. As per the company’s statement, Sprng Energy will retain its current brand. The deal is scheduled to close later in 2022, pending regulatory approval. Sprng Energy, which was founded in 2017, supplies solar and wind energy to electricity distribution companies in India. Currently, the company’s portfolio of renewable energy assets totals 2.9 GWp, with 2.1 GW operating and the rest under construction. There are also 7.5 GWp of projects in the pipeline.

In April 2022, Shell prepared binding bids to acquire Q-Energy’s energy assets in Spain, which were worth €1 billion in total. Reportedly, in addition to Shell, Naturgy and Austrian electricity provider Verbund have also been preparing offers for the portfolio. Spanish fund manager Q-Energy is selling the solar assets to take advantage of rising demand from European energy companies seeking to meet various government’s climate change goals.

 

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