Shell to acquire 9.6 gw renewable power company In India

Shell, an oil and gas major has announced its plans to acquire Sprng Energy, a renewable energy platform owned by Actis, an investment firm and will be paying $1.55 billion towards it. Sprng Energy is one of the leading renewable energy project developers in India and has 9.6 gigawatts in its renewable energy portfolio, including 2.1 gigawatts of operational capacity. A number of domestic and foreign companies have expressed interest in Sprng Energy including Canada Pension Plan Investment Board (CPPIB), Sembcorp Industries, ArcelorMittal and Adani Group. Shell has previously made other investments in the Indian renewable energy sector, but this will be the company’s first utility-scale solar and wind domain acquisition.