Shell is buying a renewable energy platform in India from Actis for $1.55bn (€1.47bn).
Shell Overseas Investment, a subsidiary of Shell is buying Solenergi Power Private and the Sprng Energy group of companies.
Sprng Energy, an Actis Energy 4 fund investment, was established by Actis in 2017. The company has more than 2.9GWp of assets with a further 7.5GWp of renewable energy projects in the pipeline.
Wael Sawan, Shell’s integrated gas, renewables and energy solutions director, said the deal positions Shell as one of the first movers in building a truly integrated energy transition business in India.
“I believe it will enable Shell to become a leader across the power value chain in a rapidly growing market where electrification on a massive scale and strong demand for renewables are driving the energy transition,” Sawan said.
Lucy Heintz, partner, head of energy infrastructure at Actis, said: “Sprng’s growth and success in India is further evidence of our ability to build market-leading sustainable infrastructure anywhere in the world, while still delivering competitive returns for our investors.
”We have well over a decade of experience supporting the energy transition and with Sprng we have built a renewable energy platform that will be fundamental in driving India’s net-zero journey.”
Sanjiv Aggarwal, partner, energy infrastructure at Actis, said: “Sprng is a best-in-class energy platform delivering clean, reliable power to millions of people across India.
”We remain committed to the Indian market and its ecological transition, and we hope to deploy a further $1bn in the region by the end of 2026.”
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